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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").

 

Date: 27/03/25

Girl drawing daffodil
Michael Ancher, Helga Ancher painting daffodils in watercolours, 1896. This painting is manipulated and belongs to The Art Museums of Skagen.

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.

Historical returns are no guarantee for future returns. Future returns will depend, inter alia, on market developments, the fund manager’s skills, the fund’s risk profile and management fees. The return may become negative as a result of negative price developments. There is risk associated with investing in funds due to market movements, currency developments, interest rate levels, economic, sector and company-specific conditions. The funds are denominated in NOK. Returns may increase or decrease as a result of currency fluctuations. Prior to making a subscription, we encourage you to read the fund's prospectus and key investor information document which contain further details about the fund's characteristics and costs. The information can be found on www.skagenfunds.com. Storebrand Asset Management administers the SKAGEN funds which are by agreement managed by SKAGEN's portfolio managers.

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