Responding to industry and investor demands for a central repository to store the tax reports of offshore funds, KPMG is pleased to announce the launch of KPMG reportingfunds.co.uk.
The cloud based application can be accessed by UK tax payers, end-investors, tax authorities and professional intermediaries. UK tax payers will no longer need to trawl through fund managers’ separate websites to access information needed to complete their tax returns. End-investors, tax authorities and funds will also benefit from the simplified process.
Nathan Hall, investment management tax partner at KPMG, commented: “We are delighted to launch this site. Both investors and funds have been calling for such a development to simplify the process for everyone involved. Over the course of the next year, and through the next reporting cycle, we expect to have the vast majority of funds represented. To date, we have secured agreement in principle from over half of the total population of 30,000 reporting funds.
“We are very proud of this product and are confident it will make tax compliance far easier for investors, who will have information at their fingertips, and also for the fund managers. We look forward to working with all parties to ensure that the repository is as useful as it can be.”
Access will be free of charge for UK taxpayers. Similarly, it will be free for end-investors and the tax authorities to access reports uploaded by the funds and the funds will not be charged to participate. Professional intermediaries can subscribe to get full access, maintain bespoke portfolios, to receive alerts and export information.
- ENDS -
Notes to Editors:
How it works
End investors can register to access reports via www.kpmgreportingfunds.co.uk. Reports can be searched over a specific range of dates and by a number of criteria including fund name, share class name or ISIN. Intermediaries can access the same level of information for free for a trial period.
Fund managers can contact email@example.com on behalf of funds that have reporting status. The lead contact, the Fund Principal, will then receive a tailored invite to participate. This enables them to invite others to contribute and/or approve the information. The information will not be published until the fund or fund manager approves the reports.
Intermediaries can also email firstname.lastname@example.org and the team will be in touch to discuss specific requirements.
Monica Fiumara, Senior PR Manager, KPMG
T: 020 7694 5674
M: 07901 105180
KPMG Press Office: +44 (0) 207 694 8773
KPMG LLP, a UK limited liability partnership, is a subsidiary of KPMG Europe LLP and operates from 22 offices across the UK with approximately 11,500 partners and staff. The UK firm recorded a turnover of £1.8 billion in the year ended September 2013. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. It operates in 155 countries and has 155,000 professionals working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. Each KPMG firm is a legally distinct and separate entity and describes itself as such.
This article represents the views of the author only, and does not necessarily represent the views or professional advice of KPMG in the UK.