Income Tax on Accumulating Fonds

[NonDom41]

There are two so-called accumulating (roll-up) fonds :

A) Reporting fonds, that have to be reported on your income tax return. Their “excessive reported income” is subject to income tax even if this income has not been distributed.

B) Non-Reporting fonds that do not need to be reported on your income tax return as long as they do not distribute any income. Tax is only due if income has been distributed.

Is this correct ?

[maths]

Any undistributed income of a reporting fund is treated as notionally distributed and subject to income tax (at dividend rates if fund is a corporate fund).

Any distributed income of a non-reporting fund is subject to income tax (at dividend rates if a corporate fund). Hence, no reporting in absence of distribution.