UK Reporting Funds

If you invest in funds classed as UK Reporting Funds then you must declare certain income from these on your tax return each year.

If you are unsure if this affects you or are unsure what you need to do please check with an independent tax advisor.

A UK Reporting Fund is a Fund which is based offshore but provides investors with a tax treatment which is similar to UK funds.

To become a UK Reporting Fund the Fund Manager would need to successfully apply for the status through HMRC as well as, meet certain criteria and obligations.

Because these funds are based offshore you must declare certain income from these Funds on your tax return each year – this is called Excess Reportable Income. Excess reportable income is the value an offshore fund earns past the point of income they distribute as dividends or interest.

If you invest in funds classed as UK Reporting Funds then you must declare certain income from these on your tax return each year – this is called Excess Reportable Income.

How will I know whether I have invested in a UK Reporting Fund?

HMRC have provided a list of all UK Reporting Funds on their website . You’ll need to check if any of the funds you invest in are on this list.

How can I check for Excess Reportable Income (ERI) in these funds?

Details of this Excess Reportable Income will be available on each fund manager’s website.

What if I hold Reporting Funds in my ISA or SIPP?

There is no need to declare Excess Income on your tax return if you invest in the funds in your ISA or SIPP.

What do I need to do?

  • Check if any funds you invest in are UK Reporting Funds
  • Check if they have any Excess Reportable Income (ERI)
  • Calculate the Excess Reportable Income
  • Include the amount calculated on your tax return

How can I check for Excess Reportable Income (ERI) in these funds?

Details of this Excess Reportable Income will be available on each fund manager’s website.

How do I calculate the Excess Reportable Income?

Most fund managers give details of how to calculate the figure on their website and you should follow their instructions.

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.

What’s the significance of a funds “reporting period” on their website?

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.

When do I need to include the Excess Reportable Income figure in my 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.  

What do I include in my tax return?

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 GuidePDF opens in a new browser window 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 subsequently report this income.

Before we can withdraw any funds, trade or transfer from the account we need to complete identity and verification checks. We attempt to do this electronically however you may be required to send in original or certified copies of documents from the below list if we cannot do this.

You will need to send us one document from the proof of identity list and one document from the proof of address list:

Proof of identity – accepted documents

  • Unexpired passport with signature.
  • Unexpired UK photo card full driving licence with signature.
  • Unexpired UK full paper driving licence with signature.
  • Unexpired UK photo card style provisional driving licence with signature.
  • Unexpired EU/EEA driving licence with photograph and signature - must be issued by a member state of the EU/EEA.
  • Unexpired firearms certificate.
  • Unexpired Northern Ireland voters card (aka Electoral Identity Card).
  • Unexpired EEA or equivalent jurisdiction national Identity card with photograph and signature.
  • Unexpired blue disabled driver’s pass – UK only, unexpired and needs to bear a passport-sized photograph, name and signature, expiry date and issuer details.
  • Unexpired biometric residence permit – issued by the Home Office.
  • UK benefits/state pension notification letters – must be from an official source, i.e. Job Centre.
  • Plus or Department for Work and Pensions / Local Authority, confirming the rights to a benefit.
  • The letter must be dated within the last 12 months or current benefit period.
  • HM Revenue and Customs tax notification – must be a HMRC tax notification e.g. statement of account, notice of coding relating to the current year. P45s or P60s are not acceptable as these are not official HMRC documents.

Proof of address – accepted documents

  • Utility bill dated within the last 3 months – utility bills printed from the internet, mobile phone, broadband or internet provider bills, and any reminders or arrears letters are not acceptable.
  • Council tax demand letter or statement – valid for the current year or less than 12 months old. Reminders and arrears letters are not acceptable.
  • Unexpired UK photo card full driving licence with signature (only acceptable if it is not being used as your proof of identity).
  • Unexpired UK full paper driving licence with signature (only acceptable if it is not being used as your proof of identity).
  • Unexpired EU/EEA driving licence with photograph and signature - must be issued by a member state of the EU/EEA (only acceptable if it is not being used as your proof of identity).
  • Bank or building society statement – must be issued by a regulated financial sector firm in the UK, EU or equivalent jurisdiction and dated and showing transactions within the last 3 months.
  • Statements showing interest only or carry forward balances are not acceptable – those printed from the internet or ISA statements are not acceptable.
  • Mortgage statement - must be issued by a regulated financial sector firm in the UK, EU or equivalent jurisdiction and dated within the last 12 months. Those printed from the internet are not acceptable.
  • HM Revenue and Customs correspondence - issued within the last 5 months and including 10 digit tax reference or NI number (only acceptable if it is not being used as your proof of identity). P45s or P60s are not acceptable as these are not official HMRC documents.
  • UK Benefits/state pension notification letters – must be from an official source, i.e. Job Centre Plus or Department for Work and Pensions / Local Authority, confirming the rights to a benefit. The letter must be dated within the last 12 months or current benefit period (only acceptable if it is not being used as your proof of identity).
  • Solicitors' correspondence - confirming a house purchase in the last 3 months and dated in that period.

Getting in touch


If you have any questions or would like someone to help, you can always call our dedicated Bereavement team on

0800 015 0091

Our dedicated Bereavement team are available Monday to Friday, 8am - 5pm (closed weekends and English Bank Holidays).

Calls may be monitored and recorded in case we need to check we have carried out your instructions correctly and to help us improve our quality of service. Call costs may vary depending on your service provider.

If you need to call us from abroad, you can call us on +44 (0) 113 292 0805.

Useful contacts

ISA holdings and bereavement

Where an ISA holder died on, or after, 3rd December 2014, their surviving spouse or civil partner can inherit their ISA tax benefits.

This is referred to as the Additional Permitted Subscription (APS) allowance and is based upon the value of the ISA held by the person who died. The spouse or civil partner does not have to inherit the ISA and can use the APS allowance in addition to their own annual ISA allowance.

Details about how to claim the APS allowance will be sent to the executor(s) as part of the bereavement process.

Citizens Advice Bureau

For help on practical and legal matters and contacts for counselling, help and support. Look in your telephone directory for your local office or visit www.adviceguide.org.uk in England and Wales, www.cas.org.uk in Scotland or www.citizensadvice.co.uk in Northern Ireland.

Cruse Bereavement Care

For general information, counselling and support. Tel: 0800 731 4044 or visit http://www.cruse.org.uk/.

Lesbian and Gay Bereavement Project

For support after the death of a partner. London Friend, 86 Caledonian Road, London N1 9DN. Tel: 020 7833 1674

Compassionate Friends

For support after the death of a child. 53 North Street, Bristol BS3 1EN. Tel: 0345 123 2304 or visit www.tcf.org.uk.

National Association of Funeral Directors

Members must follow their code of practice. 618 Warwick Road, West Midlands B91 1AA. Tel: 0845 230 1343 or visit www.nafd.org.uk.

The Society of Allied and Independent Funeral Directors

They have a code of practice for members to follow. 3 Bullfields, Sawbridgeworth, Herts CM21 9DB. Tel: 0345 230 6777 or visit www.saif.org.uk.

Veterans Agency

Help with costs of simple funerals for those receiving war disablement pensions. Norcross, Blackpool FY5 3WP. Tel: 0800 169 2277 or visit www.veterans-uk.info.

Natural Death Centre

For information about alternative and environmentally friendly funerals and committals. In the Mill House, Watley Lane, Twyford, Winchester SO21 1QX. Tel: 01962 712 690 or visit www.naturaldeath.org.uk.

British Humanist Association

Information about non-religious and secular funeral services. 1 Gower Street, London WC1E 6HD. Tel: 020 7079 3580 or visit www.humanism.org.uk.

Department for Environment, Food and Rural Affairs

For a licence for a sea burial. DEFRA, Marine Environment Branch, Room 132, Nobel House, 17 Smith Square, London SW1P 3JR. Tel: 0345 933 5577 or visit www.defra.gov.uk.

National Association of Memorial Masons

Holds a database of names of local monumental masons for tombstones and memorials. Castle Mews, Rugby, Warwickshire CV21 2XL. Tel: 01788 542264, Fax: 01788 542276, email enquiries@namm.org.uk or visit www.namm.org.uk.

Probate Registry

For application for powers to process the will in England and Wales: Tel: 0845 30 20 900 or visit www.justice.gov.uk/courts/probate.

The General Register for Scotland

New Register House, 3 West Register Street, Edinburgh EH1 3YT. Tel: 0131 334 0380 or visit www.gro-scotland.gov.uk.

HM Revenue & Customs

For help with tax issues. HMRC Capital Taxes, Ferrers House, PO Box 38, Nottingham NG2 1BB. Tel: 0845 30 20 900 or visit www.hmrc.gov.uk.

Organ donation

The NHS Organ Donor register. NHS Blood and Transplant, Organ Donation and Transplant Directorate, Fox Den Road, Stoke Gifford, Bristol BS34 8RR. Tel: 0300 123 2323 or visit www.organdonation.nhs.uk.
Terrence Higgins Trust.

Support for HIV and AIDS

314-320 Gray's Road, London WC1X 8DP. Tel: 0808 802 1221 or visit www.tht.org.uk.

INQUEST

Support for inquests - offering legal aid and support for those involved in inquests. 89-93 Fonthill Road, London N4 3JH. Tel: 020 7263 1111 or visit www.inquest.org.uk.

Passport Service

Gives details of addresses of regional offices. Tel: 03002 220 000 or visit www.gov.uk/browse/driving/passports-travelling-abroad.

Driver and Vehicle Licensing Agency

DVLA, Swansea SA99 1BY or visit www.dvla.gov.uk.