CSH2: taxation and performance

aroominyork

It used to be a reporting date of 31 October and a distribution of 30 April (not March, masonic). That included 30 April 2025. The new manager brought it forward a month so reporting was 30 September 2025 and there should be a distribution on 30 March, ie Monday. So there are two distributions in the current financial year.

I also want to know the upcoming distribution. I spoke with Amundi last week and they have gone away to check when the ERI will be published. Don't expect it to be before Thursday, the last working day of the financial year.

masonic

You do have to question the wisdom of pulling it forward a tax year if you are going to be tardy releasing the documentation. Had it been the end of April, then they'd have the best part of an extra year before investors started sharpening their sticks.

aroominyork

Yup, though reporting and distribution in the same tax year makes sense.

masonic

On the contrary, for those wishing to arrange their tax affairs efficiently, the priority would surely be knowing the details as early as possible in the tax year in which the payment notionally falls, and certainly by the end of it 😉

aroominyork

I'm not advocating end of March distribution, just same year reporting and distribution. It could be eg April/October or June/December. (I wonder if the cheeky wink refers to my perfectly legit CGT trick.)

masonic

If I'm understanding correctly, the order of events is "end of reporting period" -(6 months)→ "notional distribution" -(6 months)→ "reporting", so a reporting year ending anywhere from October-end to March-end would work on their time scales. But they chose September.

aroominyork

Hmmm…. I thought they were meant to publish ERI by the time of the distribution (ie by 30 March, six months after the 30 September reporting date), but chatgpt has just taken me to wealthclub.co.uk/eri which says "The ERI is treated as arising on the fund’s distribution date, six months after the end of its reporting year. The figures are usually published by the fund within four months of the distribution date."

But then chatcgt offers more info and, surprise surprise, contradicts itself:

I then asked chatgpt whether CSH2's income is taxed as interest or dividend. It referred me to this thread!! It said interest, which of course is not what I am doing because HMRC told me to ask Amundi and Amundi said (in writing) dividend, but we probably don't need to ride that rollercoaster again.

masonic

This is not a job for a hallucination engine. Here it is from an official source:

https://www.gov.uk/hmrc-internal-manuals/investment-funds/ifm12622

I note that there is also a section for reports to HMRC where there is some scary language about failure to report on time being a serious breach with consequences. Not so much for the above.

Edit: Here it is at the source: https://www.legislation.gov.uk/uksi/2009/3001/regulation/90

aroominyork

… STOP PRESS… STOP PRESS… Amundi this morning sent me ERI data for all their funds, saying it should be published on kpmgreporting by the end of the week (tomorrow?). The ERI for CSH2 is:

The notice says the period begins 10 March 2025, although Amundi, who took over the fund on that date, previously said "… there will be no separate ERI report provided for the pre-merger period. This pre-merger period will be included in the report which will be due with the new fiscal year end (last day business day of September)." I assume the ERI therefore actually relates to the eleven months 1/11/24 to 30/9/25. If so, it is significantly less than €60.727 reported for the previous twelve months, hence less CGT adjustment. Might that suggest they are winding ERI back towards zero?

aroominyork

I wrote to Amundi about this. They replied that they had been wrong to say the ERI would include the pre-merger period. ERI for the pre-merger period will be published by the end of April. (They actually wrote “As the sub-fund was under LIF umbrella prior to 10th March 2025, we disclosed the ERI figures separately. The first part reported from LIF (from 01/11/2024 until 10/03/2025) and post-merger under MUL from (10/03/2025 until 30/09/2025). The data for LIF follows FYE + 6 months, so this will be available by the end of this month (April) since the FYE is October.”) LIF is Lyxor Index Fund (old manager); MUL is Multi Units Luxembourg (new manager). So we sit and wait for longer.