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IMA backs Govt reforms on UK authorised funds

The Investment Management Association has welcomed the Government’s pre-Budget announcements aimed at enhancing the UK’s competitiveness as a domicile for authorised investment funds.

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.”


Yield marshal

The formidable equity income sector is soon to shrink as the IMA looks to tackle funds not conforming to its yield requirements – a measurement that has been difficult to do in the current climate. In recent weeks, the IMA has sent questionnaires to groups asking about the yield on their income funds and whether or not they believe them to be sustainable.

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While equity valuations have doubled since the financial crisis, Simon Edelsten explains that there are still pockets of value. But not where you might think Macro-economic uncertainty is causing turbulence in equity markets. Artemis Global Select Fund manager Simon Edelsten says his investment themes are taking him in a different direction to some of his peers – away […]


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