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Posted Tue, 05 Sep 2023 09:44:09 GMT by
I would like to confirm that a security issued by an issuer incorporated (and domiciled) outside the UK and for which the share register is also maintained outside the UK is not a “UK situs” asset (for purposes of maintaining Protected Trust status) even though the security is listed on a UK exchange. If helpful, the particular security I was inquiring about is a UCITS ETF domiciled in Ireland (ISIN: IE00B4WXJK79).
Posted Thu, 07 Sep 2023 12:11:57 GMT by HMRC Admin 32 Response
Hi,

Please refer to below and related links.

STSM101060 - Introduction to Collective Investment Schemes: Exchange Traded Fund - Overview

Thank you.
Posted Sun, 10 Sep 2023 16:58:17 GMT by
Thank you for the response and link. I reviewed the link and it appeared to focus mostly on Stamp Duty. My question is regarding the definition of “UK situs” assets. It is my understanding that a security issued by an issuer incorporated (and domiciled) outside the UK and for which the share register is also maintained outside the UK is not a “UK situs” asset. However, I wanted to be sure that a listing of the security on a UK exchange does not in itself make it a UK situ asset. Accordingly, would you please confirm my understanding that: a security issued by an issuer incorporated (and domiciled) outside the UK and for which the share register is also maintained outside the UK is not a “UK situs” even though the security is listed on a UK exchange? Many thanks.
Posted Mon, 18 Sep 2023 15:08:30 GMT by HMRC Admin 10 Response
Hi
Please refer the to CG12440 guidance at (Location of assets) and S275 TCGA 1992.
If the third paragraph of CG12440 doesn’t give you the answer that you are looking for, you will need to write in to HMRC, with the full facts for their query to be forwarded to the relevant technical specialists. 
Taxation of Chargeable Gains Act 1992

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