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Notice of withdrawal from the UK reporting fund regime
The SKAGEN Funds hereby give notice under Regulation 116 of the Offshore Funds (Tax) Regulations 2009 that they intend to withdraw the below-mentioned share classes from the reporting fund regime effective 31 December 2025 (the "specified day").
SKAGEN Global Verdipapirfond
Class A (S0018-0001)
Class B (S0018-0002)
SKAGEN Kon-Tiki Verdipapirfond
Class A (S0020-0001)
Class B (S0020-0002)
SKAGEN m² Verdipapirfond
Class A (S0142-0003)
Class B (S0142-0004)
Reporting fund status, and this withdrawal from the reporting fund regime, are of relevance to UK tax-resident investors and to investors which are themselves offshore funds. Other investors are unlikely to be affected by this notice.
The following paragraphs provide additional explanations which you may find helpful.
Reporting Fund Status
Reporting fund status allows investors to receive capital gains treatment on a disposal of their investment, provided that the fund calculates the income portion of its return each year and reports this income to investors. Investors are taxed on this reported income as though the fund had distributed it to them.
In this way, reporting fund status seeks to maintain capital gains treatment for capital gains, while ensuring that the investor's share of any income inside the fund (such as dividends and interest) is taxed as income.
Withdrawal from the Regime
The Funds have decided to withdraw these share classes from the reporting fund regime, effective from the specified day set out above, which will be the last day of the current accounting period of the Funds. The Funds will be required to comply with their annual reporting requirements in the usual way for the period which ends on that day. Accordingly, if you hold shares on the specified day, you will receive a report of income from the Funds within six months of that date.
After the specified day, the above-mentioned share classes will no longer be reporting funds, and any disposal or redemption of shares after the specified day will no longer be subject to capital gains taxation treatment.
Actions Required
The benefits of reporting fund status will no longer be available after the specified day.
To ensure that the accrued benefits arising from the reporting fund status holding period are not lost, you may be required to make a “Regulation 100” election in your tax return. We suggest investors discuss this with their tax adviser.