United Kingdom

Key Figures

Number of Irish Funds Registered for Sale in United Kingdom

Market Overview

In 2017, 2,764 Irish funds were registered for sale in the United Kingdom, making it the largest market for the distribution of Irish funds. 

Ireland has deep and strong business links with the UK asset management industry as well as geographical proximity, shared language, shared legal framework, same time zone, and long-standing cultural and social ties. Over one third of all managers establishing funds in Ireland are from the UK,…

In 2017, 2,764 Irish funds were registered for sale in the United Kingdom, making it the largest market for the distribution of Irish funds. 

Ireland has deep and strong business links with the UK asset management industry as well as geographical proximity, shared language, shared legal framework, same time zone, and long-standing cultural and social ties. Over one third of all managers establishing funds in Ireland are from the UK, and more than 40% of the 695 overseas AIFMs operating in Ireland on a cross border basis are UK AIFMs.

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Tax Considerations

In order for non-UK investment funds to achieve preferential treatment in the UK, it is important that investment funds obtain UK reporting status. Under the Fund Reporting Regime, a fund is required to obtain confirmation from the UK tax authorities prospectively that it meets the eligibility criteria to be considered for Reporting Fund Status. 

Once Reporting Fund Status is obtained a fund must then comply…

In order for non-UK investment funds to achieve preferential treatment in the UK, it is important that investment funds obtain UK reporting status. Under the Fund Reporting Regime, a fund is required to obtain confirmation from the UK tax authorities prospectively that it meets the eligibility criteria to be considered for Reporting Fund Status. 

Once Reporting Fund Status is obtained a fund must then comply with the reporting requirements set out in the regulations which require that it reports 100% of its income returns (calculated under the UK tax rules) to UK investors and the UK tax authorities on an annual basis. Where a fund has Reporting Fund status, UK investors will be taxed under the Capital Gains Tax (CGT) regime upon realisation of their investment in the fund, rather than as offshore income gains taxable at investors’ marginal tax rate which would otherwise apply if UK reporting status was not achieved.

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Video

Sheena Varsani, Blackrock, discusses the challenges and possible corporate structural changes to enable UK sales and marketing teams to function post-Brexit. (Irish Funds Distribution Workshop 2017)

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