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Govt axes Schedule 19 stamp duty on UK funds

UK asset managers will benefit from savings of at least £145m a year after the Government moved to abolish Schedule 19 stamp duty in “the first step” to boosting the industry’s competitiveness.

In his Budget 2013 speech this week, chancellor George Osborne said the 0.5 per cent special stamp duty reserve tax, which applies to collective investment schemes when investors sell units that are then re-issued within a two-week period, will be scrapped on 1 April 2014.

The Government says the move will save the asset management industry £145m in the 2014/15 tax year, £145m in 2015/16, £150m in 2016/17 and £160m in 2017/18.

Asset managers have consistently flagged Schedule 19 as one of the main obstacles to establishing new funds in the UK and one reason the country is increasingly losing business to international rivals such as Dublin and Luxembourg.

Investment Management Association chief executive Daniel Godfrey says: “The UK is already a world-class location for asset management and this is a vital step in allowing the UK to compete.”

The Government has proposed further steps to support the industry in a document published alongside the Budget that outlines a number of measures to improve the sector’s international standing.

The UK investment management strategy outlines plans to consult on three further tax issues that make UK-domiciled funds unattractive, improve the regulatory environment and launch a marketing strategy to investors in Asia and the Americas.

M&G Investments chief executive Michael McLintock says: “Osborne’s major statement of intent has not only recognised the importance of the UK investment management industry to our economy but will also help ensure it remains on a competitive footing on the world stage. His plans have our full support.”


Budget 13: OBR slashes growth forecast for 2013

Chancellor George Osborne has revealed the Office for Budget Responsibility has halved its growth forecast for the UK for 2013 from 1.2 per cent to 0.6 per cent. In his Budget speech today, Osborne said the OBR now forecasts GDP to grow by 1.8 per cent in 2014, 2.3 per cent in 2015, 2.7 per […]


Lighthouse appoints Fay Goddard as non-exec director

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FCA early warning notice powers begin to take shape

The FSA has outlined how the Financial Conduct Authority will use its new powers to publish early warning notices against firms or individuals subject to ongoing enforcement action. The powers mark a radical departure from the current system where ongoing enforcement cases can only be made public at the decision notice stage, where firms have […]

Walker Crips hit with £440K FSCS bill after payment miscalculation

Financial services group Walker Crips has been handed a £440,000 bill by the FSA in order to top up past FSCS levy obligations for its stockbroking subsidiary. The group says it voluntarily submitted the corrected information to the regulator in terms of how much is outstanding for the years to 31 March 2011 and 2012, […]


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