Investment Clubs Manual074 - 64 The Inland Revenue’s...

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Unformatted text preview: 64 The Inland Revenue’s Responsibility The club's local IR office will distribute the forms it receives to the IR offices dealing with each member’s personal tax returns. FIIIIng In Form 185 (New) - the Investment Club Certificate This is a single A4 form which has to be completed on both sides by the club treasurer. As a guide we have completed a fictitious form, reproduced below. In addition we have added some explanatory comments here which may help treasurers. FRONT PAGE - It Is often the case that clubs have members who make their individual tax returns to Tax Districts other than the local IR office. For this reason the IR requires the information on the right hand side of the first section so that the certificate can be sent to the correct office and allocated to the appropriate taxpayer. - 'lncome taxed at Investment Rate‘ means income including Interest from UK banks, building societles & other deposit takers which has tax been taxed at the lower rate of 20% and may include such Items as Loan Stock or Gilts. - 'Income taxed at basic rate' refers to income which has been taxed at 22%. - ‘Untaxed Income‘ is income which has not suffered tax and which could be National Savings or NSB investment products. - The Declaration can be signed by any one of the three main officials of the club. He/ she should be able to vouch for the accuracy of the information on the certificate. REVERSE PAGE The Inland Revenue only requlres Information on ectual gelns or losses made by the club during the relevant tax year. Therefore only gelns or losses realised when a share Is sold should be shown. Read the notes at the end of the certificate carefully. They may answer some of your questions. October 2008 ProShare Investment Club THE MANUAL ...
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