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Treatment of Offshore ETFs that are not approved for offshore reporting


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Is anyone able to clarify the way that an ETF such as ARKK is treated if held in IG?

If it is a direct purchase of the actual fund (as opposed to some sort of synthetic IG-created proxy) and it is not on the list of Approved Offshore Reporting Funds by HMRC I presume that all gains are taxed at income tax rates (as per this JustETF article)? 

If that is the case and the value of the holding goes up at what point do you have to record the gain on your tax return - is it only at the point of realising the gain (as it is for capital gains) or is there some form of mark-to-market return annually?

Finally, does anyone know what would happen if a fund like this was to gain reporting status after, say, 18 months of holding it - if no gains had been realised in that time then presumably if it gained approved reporting status all gains once realised would be as CGT?

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