Gulf Investment Fund PLC Reporting Fund Status (7550L)
29 December 2018 - 1:57AM
UK Regulatory
TIDMGIF
RNS Number : 7550L
Gulf Investment Fund PLC
28 December 2018
Legal Entity Identifier: 2138009DIENFWKC3PW84
28 December 2018
Gulf Investment Fund PLC ("GIF" or the "Company")
Annual Reporting Requirements in respect of Reporting Fund
Status
The Company announces that as per the statement in the circular
dated 10 November 2017 and following the acceptance of the proposed
changes at the Extraordinary General Meeting held on 7 December
2017, the Company applied and was accepted by HM Revenue and
Customs ("HMRC") as a reporting fund under the Offshore Funds Rules
(as defined in Part 8 of the Taxation (International and Other
Provisions) Act 2010). Under this regime, the general position is
that gains realised by UK resident investors on the disposal of an
interest in a reporting fund will be taxed under capital gains
rather than income, although such investors will be taxable on any
reportable income of the fund on an annual basis. The Company
appointed KPMG Channel Islands Limited to prepare its initial
application to the HMRC, and KPMG LLP for the subsequent reporting
income calculations to the HMRC.
As part of the Company's ongoing obligations as a reporting
fund, it must announce its "reporting income", for the year ended
30 June 2018. Details of this are provided below:
a) the amount of income distributed to investors per unit of
interest in the fund
US$0.03
b) the excess amount of reportable income per unit of interest
in the fund in excess of the amount distributed
US$nil
c) the dates on which distributions were made
21 December 2018
d) the fund distribution date
31 December 2018
The Company confirms that it remains a reporting fund on the
date of issue of this advice.
For further information:
Nicholas Wilson +44 (0) 1624 692600
Gulf Investment Fund plc
Ian Dungate/Suzanne Jones +44 (0) 1624 692600
Galileo Fund Services Limited
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END
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