Taxes Consolidation Act 1997 section 747C

Return on acquisition of material interest

Section 747C requires a person who acquires a material interest in an offshore fund to file a self-assessment return for that chargeable period and to include specified details of the acquisition in the return.

• A person who acquires a material interest in an offshore fund is automatically treated as a chargeable person for self-assessment purposes for that chargeable period, regardless of whether the person would otherwise be a chargeable person.
• The return of income for the chargeable period must include the name and address of the offshore fund, a description (including cost) of the interest acquired, and the name and address of the person through whom the interest was acquired.
• The onus to make the return falls on the individual investor, not on the offshore fund itself; for individuals this is the Form 11, and for companies the Form CT1.
• Since 1 June 2011, self-employed individuals who acquire or benefit from offshore funds taxed under Chapter 4 of Part 27 have been required to file electronically (mandatory e-filing).