CHARTERED ACCOUNTANTS 
CHARTERED TAX ADVISERS BUSINESS DEVELOPMENT CONSULTANTS
CHARTERED TAX ADVISERS BUSINESS DEVELOPMENT CONSULTANTS
CHARTERED TAX ADVISERS BUSINESS DEVELOPMENT CONSULTANTS
Home > > 12 March 2008 Budget Report > Other Measures Announced
Currently the law does not deal with how a repayment claim in respect of tax treated as paid to HM Revenue and Customs by a funding bond should be handled.
In practice, HM Revenue and Customs has satisfied the repayment claim using a funding bond where this has been feasible. The Finance Bill will provide rules to confirm that HM Revenue and Customs can satisfy such repayment claims by using all or part of the funding bonds used to pay the tax deducted. The legislation will allow HM Revenue and Customs to request that the bond issuer divides, if necessary, any funding bond held by HM Revenue and Customs so that the repayment claim can be satisfied using part of the funding bond. This will affect funding bonds issued on or after 12 March 2008.
Back to topAt a date to be announced by the Treasury the Budget announced that legislation will be introduced to provide powers to make regulations dealing with the taxation of investors in offshore funds and the rules for allowing certain funds to be classified as 'reporting funds'. This change will affect managers of, and investors in, overseas based funds such as open-ended investment companies and unit trust schemes. For these purposes, an 'offshore fund' is any type of fund that is resident outside the UK or established under foreign law and would, if it were established in the UK, constitute a collective investment scheme for the purposes of the Financial Services and Markets Act 2000.
Back to topFrom 6 April 2008 changes commence that affect Authorised Investment Funds (AIFs) that invest mainly in property, UK Real Estate Investment Trusts (UK-REITS) or similar companies and investors in AIFs that enter the Property AIF tax regime. These changes will introduce a tax regime for investment into real property and certain property companies, which will enable certain AIFs to elect for a tax treatment that will move the point of taxation for the fund to its investors. The new regulations will enable a Property AIF to provide an open-ended fund alternative to the existing closed-ended REITS.
Back to top
For further details email Eacotts on services@eacotts.com or call 01628 665432
Eacotts Chartered Accountants and Chartered Tax Advisers
Servicing the Thames Valley, Berkshire, Buckinghamshire and the UK
This document is for guidance only and professional advice should be sought before acting on the information contained. No responsibility will be accepted by Eacotts for loss occasioned as a result of action taken, or refrained from, in consequence of the contents
Eacotts Limited is a company registered in England and Wales.
Company number 4708201. Registered Office: Grenville Court, Britwell Road, Burnham SL1 8DF
Visit our partner site - PayWithCare Payroll Processing Company UK - http://www.paywithcare.com
