Running your own fund - FSA Regulation

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Old Jan 9, 2004, 10:48pm   #31
 
sandpiper's Avatar
Joined Sep 2003
jls483,

"It is a system that would work on paper - I'm just not sure if companies house and the inland revenue are going to be happy that shares come in different flavours and cost different amounts".

No they won't be happy about it.

Whilst the limited company route seems like an appropriate method you need to be extremely careful, especially with regard to the new(ish) anti avoidance legislation known as Section 660.

This may not affect you since it is primarily targeted at small companies with profits less than 300k and you suggested that you would fall outside of this area. Worthwhile checking though.

Main suggestion would be (obviously) to find a decent accountant specialising in this area. A good starting point may be www.accountingweb.com.

Good Luck.
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Old Jan 10, 2004, 12:24am   #32
 
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Joined Apr 2002
You definitely can't do it as put. All shareholders with identical shares have to be treated equally, thats basic company law.

Why not just have different classes of share though all done officially with companies house?

You can give them all the same voting rights and dividend rights but just change the redemption conditions (you'd be using redeemables probably rather than ordinaries as otherwise it is a pain in the what nots for people to get their money out) to do what you want.

(although that isn't to say there isn't some specific problem I don't know of that you'd come across)

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Old Jan 10, 2004, 12:14pm   #33
Joined Jun 2003
I've done this.

I have an offshore OEIC (open-ended investment company), with less than 50 shareholders. No marketing or promotion, just friends and family. Set up just like a regulated hedge fund with a few hundred thousand in assets.

I also have an offshore management company that charges an annual management fee and a monthly performance fee. Profits are kept offshore and taxable when I bring them to the UK. Cost me 10's of thousands in advice to set up the structure (most of it wasted), but it works.
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Old Jan 10, 2004, 9:37pm   #34
Joined Oct 2003
Lol!

Your reallly getting into a pickle here aint ya!
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