UK Reporting Fund Status – RFS
This programme is available on in-company basis at the moment. Contact us to discuss your requirements.
A 1 Day practical course conducted by John Buckeridge, the leading authority on the taxation of offshore funds, having led HMRC’s consultation and subsequent introduction of the RFS on the statute book.
RFS regime provides preferential tax treatment to offshore funds that are registered with HMRC. Given UK’s importance as an investment jurisdiction, unsurprisingly nearly 75,000 sub-funds/share classes have been granted RFS by HMRC. Given the complexity of the RFS regime, there is significant risk for financial firms of non-compliance, reputational damage and costly remediation.
Asset and wealth-management groups, as well as their administrators and service providers, need to understand and properly operate the RFS regime. This course places the RFS into context, outlining how it came into its current form, its principal provisions and current challenges.
Participants will be guided on managing the emergent non-compliance risks and the application of appropriate controls. Drawing on the HMRC guidance, that was drafted under John Buckeridge’s direction, the course will provide the participants with practical learnings of how to effectively operate the RFS. This is a timely course for professionals within financial firms including front-line and investment operations staff, tax specialists, compliance and legal officers, and directors.
What will you learn
By the end of this 1 day practical course you will:
- Understand all the considerations and exceptions
- Distinguish the non-reporting funds and their treatment
- Learn about reporting funds and their obligations
- Explore best practices for reporting and compliance
- Learn how to prepare investors packs
- Explore performing SLAs and RFS compliance checks
- Learn about the tax treatment of participants
- Explore how to handle investor clampdown
- Understand the latest developments impacting fund reporting including Brexit, reform of capital gains tax and crypto asset funds
Main topics covered during this training
- Offshore Fund definitions and exceptions
- Non-reporting funds: settlements and transfer of assets abroad and disposals of interests
- Reporting different types of funds to HMRC
- Practical compliance and reporting recommendations
- Preparing investor reporting packs
- Conducting SLAs and RFS compliance checks
- Tax Treatment of participants: during investment period and on disposal of the interest
- How to handle Investor clampdown
- Impact of the latest developments in the market including Brexit, reform of capital gains tax and crypto asset funds
Who should attend
Designed and delivered by leading tax and operational experts, this is high quality training is designed for:
- International Investment Management and Wealth Management firms
- Fund Administrators
- Internal Audit
- Finance & Tax Professionals
- Operational staff
- Offshore fund distribution managers
The training is targeted towards front-line client-facing staff members dealing with offshore fund distribution, finance, tax and operational staff leads who need to understand the intricacies of UK’s reporting fund regime, the capital gains and income tax reporting implication of offshore funds, the issuance of consolidated tax packs and reporting of excess reportable income. Internal audit staff and those directly dealing with HMRC audits are strongly advised to attend.
UK Reporting Fund Status - RFS - A 1 Day Course
Definitions and overview
- Offshore Fund definition – mutual funds and exceptions
- Umbrella arrangements and more than one class of interest
- Settlements and s87 TCGA
- S13 TCGA
- Transfer of assets abroad
- Transparent funds
- Disposals of interests in non-reporting funds
- Constant NAV funds
- RFS applications to HMRC
- Duties of reporting funds
- Computation of reportable income
- Funds of funds
- Non-trading transactions
- Reporting to participants
- Provision of further information to HMRC
- Incorrect/incomplete reports
- Breach of RFS requirements
- Reported and reportable income discrepancy
- Prescribed serious breaches and their consequences
- Three strikes rule
- Leaving the RFS
- Investor reporting packs
- SLAs and RFS compliance checks
Tax Treatment of participants during investment period and on disposal of the interest
- Requirement to correct
- Nudge letters and the case of missing ERI
- Impact of Brexit
- Reform of capital gains tax
- Crypto asset funds
John Buckeridge is the leading authority on the taxation of offshore funds, having led HMRC’s consultation and subsequent introduction of the RFS on the statute book. John was a policy and technical adviser at HMRC for over ten years, working with senior industry representatives, regulatory bodies and HM Treasury and Ministers, to develop tax legislation relating to collective investment schemes and their investors. During his time at HMRC, John led on significant legislative changes enhancing the UK’s competitiveness as a centre for asset management, domicile of funds and investment companies. In particular, he led on the introduction of the UK’s tax transparent funds regime and the tax elements of the UK Investment Management Strategy.
Most of our public courses are run over 2 full days. Some programmes are offered as a 1 or 3 day training.
In-house training is tailored to client’s requirements and can be organised over 1 day, 2-3 weeks or longer.
Public courses are organised mainly in London and Dubai. Occasionally we organise courses in other centres like Paris or New York. Check our public course calendar for the current list of programmes. We use a range of training venues, all in the centre of the cities and with excellent transport links to the airports and train stations.
In London we use venues in the centre (near Oxford Circus station or in Mayfair) or in the City (near Liverpool Street or Moorgate stations).
In Dubai our courses are organised in one of 4-5* hotels in the Deira district. Once you register we will send you detailed information together with accommodation options if required.
Our in-house courses can be delivered anywhere in the world. We work with over 25 trainers worldwide. Contact us do discuss your requirements. Check our list of available programmes.
Our courses are run in central locations from 9 a.m until 5-5.30 p.m. There are 2 coffee breaks and a lunch break. Lunch is always provided in the venue.
Dress code is smart casual.
All our programmes are taught by senior specialists who have spent many years in their respective sectors, working as senior managers and head of departments, so they understand very well the market and the challenges you are facing.
The experience of our trainers allows us to create very practical programmes, focused on current market trends and challenges. You can be sure that you will gain the knowledge which can be instantly applied in your workplace after the course. You will be analysing real life case studies, take part in group exercises and discussions as well as role plays, whenever applicable.
We want our courses to be as practical and interactive as possible so we limit the number of participants in order to optimise your time with the trainer and allow you to ask questions which are important for you.
In order to understand your requirements and expectations, we will send you a pre-course questionnaire.
You will also receive post-course support so if you have any questions after you left the training, you are welcome to contact us.
There are 2 easy ways to register:
- Go to the course of your choice and click Register Now button to fill the registration page
- Email us to firstname.lastname@example.org
After you register, we will send you registration confirmation and an invoice so you can arrange the payment. Please note that your place is not confirmed until we receive it.
If you register within Early Bird discount period, there’s limited time to arrange the payment in order to be eligible for the discount. You will find all the details on the invoice.
We don’t advise to make any travel and hotel arrangements until you receive full course confirmation from us.
We will send you venue and course details as soon as possible but most likely about 3-4 weeks prior to the course commencement.
You can pay by:
- Making a bank transfer
- Debit/credit card
- Cheque payable to Eureka Financial Ltd. - only within UK
Just mark preferred paying option on the registration form. Whichever form of payment you choose we will always send you an invoice.
If you pay by card, a 2.2% processing fee will be added. We will send you authorisation form so you can give us your card details.
Included in the price of a public course are:
- Course tutorial
- Take away course materials
- Course Certificate
- Lunch on the days of the training as well as drinks and snacks throughout the course
The price doesn’t include accommodation, flights, transfers and any additional costs outside of the training venue.
Yes, we always offer Early Bird discount, so the sooner you register the more savings you can make. We also offer group discounts and if you register for 2 or more programmes at the same time.
If you are a full time student or unemployed, we offer a 25% discount of the full price of the training. Student ID or unemployment status confirmation is required to claim this discount.
If you attend one of our courses you will be entitled to a special discount for a year after the last course you attend with us. Also, if you have attended and recommended us to a friend, both you and your friend will receive a special discount. You will receive more information about it after you attend the course.
See our Customer Loyalty Discounts page for more details.
All our courses based in the UK are subject to the VAT charge of 20%. This fee is irrespective of the country of residence of the delegates.
You can, however, claim the VAT back by contacting UK tax office - HMRC, and filling the relevant form, as long as you comply with the following rules:
For Delegates coming from the EU countries
If you represent a registered business in another EU country, you can use the Refund Scheme to reclaim VAT you pay in the UK as long as all of the following apply:
- You're not registered for VAT in the UK and don't have to, or can't be, registered here
- You don't have a place of business or a residence in the UK
- You don't make any supplies in the UK
You can find some more information here. In order to claim the VAT you have to fill Form 65.
For the Delegates from Non EU countries
If you represent a registered business in a non-EU country, you can use the Refund Scheme to reclaim VAT you pay in the UK as long as all of the following apply:
- You're not registered for VAT in the UK and don't have to, or can't be, registered here
- You don't have a place of business or a residence in the EU
- You can only use the Refund Scheme if your own country operates a similar scheme and makes it available to UK businesses. If your country has its own Refund Scheme but doesn't let UK businesses use it, you can't claim under the UK Refund Scheme.
- You don't make any supplies in the UK
If the following rules apply to you, please fill the 65A form and send it to HMRC.
You can cancel your participation up to a month before the course and receive a refund minus 10% of the full course value. Between 2-4 weeks before the course you will be charged 50% cancellation fee and if you cancel less than 2 weeks before the course you can only offer your place to a colleague. Up to 2 weeks before the course you can reregister for another edition for 10% reregistration fee if there is another webinar offered or you can rebook for a course in London by paying the difference in price plus 10% reregistration fee.
If there is any official travel restriction or difficulty related to the COVID pandemic around the time of the course we will convert the training into a webinar or offer to attend the next classroom edition at no extra cost.
If you are unable to attend the course, you can either send a replacement at no extra charge or, up to 10 days before the training, you can transfer your booking to another edition within the next 6 months paying administrative fee of 20% of the full course price. For any cancellation requests received between 11 days and 4 weeks from the course we offer 50% refund or reregistration to another edition for 25% of the value of the booking. For any cancellation requests received more than 4 weeks before the course date we will offer a refund less an administration fee of 10% of the full course price.
Cancellations must be made in writing (letter or email) and reach our office four weeks prior to the course date. We regret that only limited refunds can be given after this period as per points above. Non-attendance without any notification will be charged at full rate. Your place on a course is not guaranteed until we receive the payment. All payments must be made in full before the course date.
All our trainers have been working for many years in their respective sectors before they begun to teach so they bring a wealth of practical experience to the classroom.
Most of them used to work for 15 or more years in the financial sector and corporate world, and were holding positions of Directors, VP and Senior Managers. Some of them have published books and have written articles for specialised magazines and newspapers including FT, The Independent, The Times etc. You can find detailed biography of each trainer on the page of the course you want to register for.
Yes, you will receive a Certificate of Attendance at the end of the course you attend.
If you have to apply for a Visa to attend a course in the UK, we will issue a letter to support your application. The letter will be issued only after the payment for the course has been made.
It is delegate’s responsibility to obtain a Visa and failure to do so will not make the participant exempt from the cancellation policy.
Anyone suspected of applying for a training course simply to gain a Visa letter will be reported to their embassy.
We will need the following information to issue an invitation letter:
- Full name as it appears on your passport
- Date of birth
- Passport number
- Passport issue date
- Passport expiry date