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CATF: Tax considerations
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CATF is a Luxembourg Fonds Commun de Placement (FCP) constituted in Luxembourg under Luxembourg law of 13 February 2007 relating to specialized investment funds. Accordingly, CATF is not a legal entity and is considered to be tax transparent for Luxembourg tax purposes. CATF is not subject to any Luxembourg tax (corporation tax, capital duty or net wealth tax) according to the legislation currently in force. Likewise, dividends paid out by the Fund are not subject to any Luxembourg withholding tax.
We kindly invite you to download and read our Information Memorandum for full and more detailed information or to contact us for extended information.
Any distribution by CATF, redemption or sale of units can be made free and clear of any withholding or deduction for or on account of any taxes of whatsoever nature imposed, levied, withheld, or assessed by Luxembourg or any political subdivision or taxing authority thereof or therein, in accordance with applicable Luxembourg law.
Taxes on Income and Capital Gains
A unitholder who derives income from such unit or who realizes a gain on the disposal or redemption thereof will not be subject to Luxembourg taxation on such income or capital gains unless:
(A) such unitholder is, or is deemed to be, resident in Luxembourg for Luxembourg tax purposes (or for the purposes of the relevant provisions);
(B) such income or gain is attributable to an enterprise or part thereof which is carried on through a permanent establishment, a permanent representative or a fixed base of business in Luxembourg to which the units are attributable.
Net Wealth Tax
Luxembourg net wealth tax will not be levied on Units held by a Unitholder unless:
(A) such Unitholder is, or is deemed to be, resident in Luxembourg for the purpose of the relevant provisions;
(B) such Unit is attributable to an enterprise or part thereof which is carried on through a permanent establishment, a permanent representative or a fixed base of business in Luxembourg to which the Units in the Fund are attributable.
Inheritance and Gift Tax
Where the Units are transferred for no consideration:
(A) no Luxembourg inheritance tax is levied on the transfer of the units upon death of a unitholder in cases where the deceased unitholder was not a resident of Luxembourg for inheritance tax purposes;
(B) Luxembourg gift tax will be levied in the event that the gift is made pursuant to a notarial deed signed before a Luxembourg notary.
On 3 June 2003, the EU Council of Economic and Finance Ministers adopted the Directive 2003/48/EC on taxation of savings income in the form of interest payments (the EU Savings Directive). The EU Savings Directive is applied by Member States as from 1 July 2005 and has been implemented in Luxembourg by the law of 21 June 2005.
CATF is currently considered by the Luxembourg tax authorities as out of scope of the EU Savings Directive. However, as the operation of the EU Savings Directive may be reviewed, it cannot be excluded that the scope of the EU Savings Directive and/or other articles of the EU Savings Directive would be amended in the future. Possible (future) EU Savings Directive implications should thus be monitored on a continuing basis.
Future changes in applicable law
The foregoing description of Luxembourg tax consequences of an investment in, and the operations of, CATF is based on laws and regulations which are subject to change through legislative, judicial or administrative action. Other legislation could be enacted that would subject CATF to income taxes or subject investors to increased income taxes.
THE TAX AND OTHER MATTERS HEREWITH DESCRIBED DO NOT CONSTITUTE, AND SHOULD NOT BE CONSIDERED AS, LEGAL OR TAX ADVICE TO PROSPECTIVE SUBSCRIBERS. PROSPECTIVE UNITHOLDERS SHOULD CONSULT THEIR OWN COUNSEL REGARDING TAX LAWS AND REGULATIONS OF LUXEMBOURG OR ANY OTHER JURISDICTION WHICH MAY BE APPLICABLE TO THEM.
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