It supports the replacement of the “substantial holding” rule for qualified investor schemes, the amendments to the tax regime for property authorised investment funds next January and HMT’s commitment to the tax treatment of funds.
However it notes the absence of any specific announcements on “tax elected funds”, the offshore funds regime or the fund-specific SDRT regime and says it is working closely with officials on these issues with legislation likely to follow next year.
IMA’s authorised funds and tax director Julie Patterson says: “Today’s announcements further prove the Government’s commitment to enhance the competitiveness of UK authorised funds. In isolation each of these measures represents a specific technical change or changes, but when viewed as a package, they have the potential to reform the UK fund landscape. We shall continue to work closely with officials to ensure delivery against the legislative time-table.”