Reporting Fund Status

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 [phone]

Gulf Investment Fund plc

Ian Dungate/Suzanne Jones [phone]

Galileo Fund Services Limited

 

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