UK Reporting Funds

Most fund managers give details of how to calculate the figure on their website.

As a simple guide the calculation will be: (number of shares or units held) x (excess reportable income given) = figure to declare on your tax return.

You will need to use the Excess Reportable Income figure for the “reporting period” you held the fund and may need to make an adjustment if you made a new investment in this period. You should check with the fund manager if you are unsure.

If you are invested in a UK reporting fund on the last day of that reporting fund’s “reporting period” the excess reportable income figure shown on the next report they publish will be what you need to use. This is usually 6 months later.

For example, a fund has a reporting period which ends on 31 December 2018. If you held that fund on 31 December 2018 the next report published by them in June 2019 would be relevant to you. This report date is a called the Fund Distribution Date and affects when you should include the figure in your tax return.

You need to include the Excess Reportable Income figure in your tax return for the period where the Fund Distribution Date falls.

For example, if you calculate that you have excess reported income to include in your tax return based on the information in a report provided by the fund dated 30th June 2018 then you would include this in your tax return for the tax year ending 5th April 2019.

We don’t show the Excess Reportable Income on your Consolidated Tax Certificate (CTC) – we only show any income you have received directly.

The Fund Distribution date will be used to determine the tax year the income relates to (six months after the reporting fund period end date).

If you complete a tax return under self-assessment you must report this income on your tax return. You should refer to the Tax Return Guide provided by HMRC to understand how the income will be reported.

If you do not complete a self-assessment return, dependant on your own personal circumstances you may need to register for self-assessment and report this income.