Elect an offshore collective investment vehicle for tax exemption on UK capital gains
Find out how to make an exemption election for an offshore collective investment vehicle.
Before making an election, you should read the legislation in Schedule 5AAA to the Taxation of Chargeable Gains Act 1992.
Who can make the election
You must be the fund manager or authorised to act on behalf of the fund manager to make an exemption election on behalf of a fund.
The fund must be a collective investment vehicle and one of the following:
- a unit trust
- an open-ended investment company
- a contractual arrangement
- a body corporate
Qualifying conditions
To qualify for election, the fund must be UK property rich (75% or more of the value of the assets disposed of derives from UK land) and meet one or more of the following:
- genuine diversity of ownership condition
- recognised stock exchange and non-close conditions
- UK tax and non-close conditions
What you’ll need
You’ll need the:
- fund’s name, tax residence or place of establishment, and registered address
- fund’s UK Unique Taxpayer Reference (UTR), if held
- name, address and percentage owned by the fund for each entity covered by the election - if the election covers more than 5 entities you’ll need to upload these details in a document
For each fund participant with one or more relevant disposals made on or after 6 April 2019, you’ll need to provide their:
- name
- date of birth
- address
- UK UTR, if held
- total relevant disposal value
- total capital gain
- total capital loss
If you are providing disposal details for more than 5 fund participants, you’ll need to upload these details in a document.
How to make the election
If you already have a Government Gateway user ID and password use this form to make an election.
If you do not have a Government Gateway user ID and password you should use this form to make an election.
After you have made the election
You’ll receive a confirmation email to let you know that we have received your form.
You’ll need to register for the Secure Data Exchange Service (SDES) and send exemption election reports to HMRC.
Last updated 13 March 2020 + show all updates
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Information about who can make an exemption election on behalf of a fund has been updated.
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First published.