Brown Advisory has had its range of US mutual funds accepted for entry into the UK offshore funds reporting regime by HM Revenue & Customs.
The move means US expats who are UK tax residents are able to invest in Brown’s mutual funds without coming into conflict with US passive foreign investment rules.
HMRC approved the funds on 1 July. Brown says it is currently developing its investments for UK-based US expats.
Brown Advisory head of UK private clients says: “This gives U.S. expats the opportunity to invest in our funds without falling foul of the U.S. PFIC rules whilst also being able to benefit from the funds’ U.K. reporting fund status – a key consideration for U.K. taxpayers.”