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Standard Form of Agreement

There are two possible ways in which the treasurer of a UK investment club can return details of any gains and income made by the club in a particular year:


All clubs should be invited to adopt the standard form of agreement when they become known to their local tax office and the HMRC should provide any assistance necessary in explaining the terms of the agreement. However, the HMRC cannot compel clubs to adopt the agreement and clubs can decide not to do so. If a club decides not to adopt the Standard Form of Agreement, it should be pointed out to the club's officers that:

  • each member will have to show on his or her annual tax return their share of any gains arising on the disposal of the club's investments, and of any income derived from the investments
  • the person(s) in whose name(s) the club's investments are held may be required to make a return under TMA70/S24
  • the treasurer or other officer who handles the club's money may be required to make a return under TMA70/S13


UK HMRC Standard Form of Agreement (as defined by the HMRC)

INVESTMENT CLUBS

Arrangement For Assessment Of Capital Gains


1. In the following paragraphs, “holding” means the proportionate share of the assets of the Club owned by a Member.

2. For each year ended 5 April, the Secretary (or the responsible officer) of the Club shall compute the net gains or net losses (by deducting allowable losses from gains) accruing from all disposals of investments (“capital gains”).

3. On or before 6 June in each year, the Secretary (or other responsible officer) shall deliver to their local Tax Office a return (on HMRC form 185(New)) of the net gains or losses of each Member and other particulars necessary for the proper assessment of gains.

4. Any gain or loss so reported in respect of a Member shall be included in the computation of the gains of the Member for the appropriate year and shall be deemed to arise from an asset separate from any other asset owned by the Member in the year.

5. Gains or losses accruing on disposals of investments by the Club shall be allocated to Members by reference to their respective holdings and in accordance with the rules of the Club.

6. The consideration for disposals made by the Club shall be allocated to Members on the same basis as in 5 above. (Members need this information for Tax Return purposes. The Return requires taxpayers to know whether in any year they made gains in excess of the capital gains annual exempt amount for that year and whether they disposed of assets – excluding their principal private residence –worth in total more than twice the annual exempt amount for that year.)

7. When a Member disposes of the whole of his holding, his chargeable gain or allowable loss shall be computed as follows:-

a. From the amount receivable on disposal there shall be deducted as “allowable expenditure” the total of –

i. The total of his subscriptions in acquisition of or additions to his holding; and

ii. The total of –

A. The interest (net after deduction of income tax) and dividends (before the addition of tax credit) allocated to him from time to time, and

B. The net capital gains allocated to him from time to time (net losses will be a deduction from the total).

to the extent that the amounts under A and B have not been distributed.

b When a Member disposes of a part of his holding, there shall be a deduction of a corresponding proportion of the “allowable expenditure”.

c. For disposals on or after 6 April 1982 indexation allowance may be due in respect of the “allowable expenditure”, the relevant date for items within (ii) being the date of allocation to the Member.

8. Where at any time a Club makes a distribution to Members in proportion to their holdings specifically out of accumulated income and gains, the distribution shall not be treated as a part disposal but the “total” referred to in paragraph 7a. ii. in respect of each Member shall be reduced by the amount of the distribution made to him.

9. Where the rules of the Club allow a Member to withdraw income or gains, any withdrawal so permitted may be treated as a reduction of the “total” referred to in paragraph 7a. ii. of the Member and not as a part disposal of his holding to the extent that it does not exceed the undrawn income or gains which have been credited to the Member in the 3 years ended 5 April next before the date of the withdrawal.

To: HM INSPECTOR OF TAXES #1


I, being the……………………..….….#2 of the …………………..…….….#3 Investment Club, agree on behalf of the Club to accept the terms of this “Arrangement For Assessment Of Capital Gains” accruing to the Club and enclose a copy (certified by the Chairman of the Meeting) of the minutes of the Club authorising me to do so.

The Club membership numbers…….……(insert the total number of club members)


Signature

Date

  • #1 Insert the name of the local Tax Office
  • #2 State here your status (e.g. Secretary or Treasurer)
  • #3 Insert the name of the investment club



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