Brown Advisory has confirmed that HM Revenue and Customs has accepted its range of US mutual funds for entry into the UK Offshore Funds Reporting Fund regime, with effect from 1 July 2013.

This will give tax resident US expats in the UK an opportunity to invest in Brown Advisory’s US mutual funds without coming into conflict with the US Passive Foreign Investment Company rules.

“This gives US expats the opportunity to invest in our funds without falling foul of the US PFIC rules whilst also being able to benefit from the funds’ UK reporting fund status – a key consideration for UK taxpayers,” said Simon Peck, head of UK private clients.