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Source Physical Gold P-ETC granted UK reporting status


Source has received confirmation from HM Revenue & Customs that the Source Physical Gold P-ETC has been granted UK reporting status with effect from 30 June 2009, allowing the product to achieve capital gains status for UK tax purposes.

In December 2009, a new set of rules came into effect in the UK. Under these rules, offshore funds now avoid disadvantageous treatment by qualifying for reporting status instead of distributor status.

Although the Source Physical Gold P-ETC is a certificate and not a fund, by achieving UK reporting status it now benefits from the same preferential tax treatment as other funds and products with UK reporting status, including eligibility for CGT treatment.

The Source Physical Gold P-ETC tracks the spot gold price and is secured by gold bullion held in J.P. Morgan Chase Bank’s London vaults. It has raised over USD700m in total assets since launch in June 2009.

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