OPF Off-Plan Fd

 

TIDMOPF 
 
RNS Number : 3044P 
Off-Plan Fund Limited (The) 
14 July 2010 
 
+-----------------------+----------------------------+ 
| AIM: OPF              |               14 July 2010 | 
+-----------------------+----------------------------+ 
 
 
                            THE OFF-PLAN FUND LIMITED 
                            (the "Company" or "Fund") 
 
                              Reporting Fund Status 
 
As stated in the Fund's interim results announcement on 29 June 2010, the Fund 
had applied to HM Revenue & Customs ("HMRC") to be a reporting fund under the UK 
offshore funds legislation.  The Company is pleased to announce that it has 
received formal notification from HMRC that it will be entered into the 
reporting fund regime with effect from 1 October 2009. 
 
The UK offshore funds regime and the definition of "offshore fund" were changed 
with effect on and from 1 December 2009. The Fund was not an offshore fund for 
the purposes of this legislation under the old definition. However, it fell to 
be an offshore fund under the new definition. The effect of the new legislation 
and new definition would have meant that any Members who are resident or 
ordinarily resident in the UK and who acquired their shares in the Fund on or 
after 1 December 2009, would be subject to UK income tax (or corporation tax on 
income) on any gain they realised on a disposal of shares unless the Fund was a 
reporting fund. 
 
The effect of now obtaining reporting fund status is that any gains arising to 
Members resident or ordinarily resident in the UK on a sale, redemption or other 
disposal of shares will be taxed as capital gains rather than as income. Members 
who are resident or ordinarily resident in the UK will be subject to UK income 
tax (or corporation tax on income) on their share of the net income of the Fund 
whether or not it is distributed.  Given its current activities, the Fund does 
not expect to generate net income in future and, therefore, shareholders should 
not expect to bear any additional income tax liability with respect to their 
holdings in the Fund. 
 
List of Contacts: 
 
Development Capital Management 
Andy Gardiner 
Tom Pridmore 
020 7355 7600 
 
Merchant Securities Limited 
(Nominated Adviser) 
Bidhi Bhoma/Simon Clements 
020 7628 2200 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
 MSCGGUUGMUPUGRW 
 

Off-plan Fund (LSE:OPF)
Historical Stock Chart
From Apr 2024 to May 2024

Off-plan Fund (LSE:OPF)
Historical Stock Chart
From May 2023 to May 2024