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Investment Clubs Manual073 - Because Investment clubs are...

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Unformatted text preview: Because Investment clubs are similar in nature to partnerships each member of a club is responsible for his or her proportion of the club’s activities, assets, profits and/or losses. This means that at the end of every tax year — Le. as soon after April Sth as possible — a club official, usually the treasurer, should provide each member of the club with details of his or her share of the profits and/or losses made by the club in the tax year. The information is provided on an official Inland Revenue form - Form 185(New), headed Investment Club Certificate which should be obtained by the club treasurer from the local IR office. A copy of each certificate should be sent to the local IR office by the club treasurer. The Treasurer’s Responsibility 1. As soon as possible after the inaugural meeting, inform the local IR office of the club's existence and provide a name and address for club correspondence. 2. Obtain two copies of the Standard Form of Agreement headed INVESTMENT CLUBS — Arrangement For Assessment of Capital Gains. Send one copy of the signed form to the local IR office together with a copy of the Club Rules and or Constitution. The other copy should be retained by the club. 3. At the end of each tax year obtain sufficient copies of Form lSSlNew), the investment Club Certificate, to provide one for each member and a duplicate of each certificate. Therefore if you have 10 members you should ask for 20 blank copies of the certificate (and maybe a few sparesl). 4. As soon as possible after April 5th give each member his/her completed Form 185(New) - investment Club Certificate and send the batch of duplicates to the local IR office. The Investment club has now discharged its responsibilities to its members and to the Inland Revenue. The Member’s Responsibility Every taxpayer has a different tax profile and what he or she does with Form 185 (New) depends upon individual allowances and capital gains or losses. The club member should consider the gains and losses itemised on the form and take them into account when assessing their own personal liabilities. Revenue Leaflet CGT 1 tells you about the basic rules of Capital Gains Tax for individuals. October 2008 ProShare investment Club THE MANUAL ...
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