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IMA in plea to brown over tax on authorised investments

The Investment Management Association is asking Chancellor Gordon Brown to consult with the industry over tax on authorised investment funds.

In last year’s pre-Budget report, the Treasury said it intends to introduce taxation on authorised investment funds where each investor holds less than 10 per cent of the fund. Investors in funds where one holding is over 10 per cent will be hit hard by such a move.

The IMA has been talking with the Treasury and Inland Revenue and says both are willing to modify the proposals.

The Government has also indicated that it is considering changes to distribution requirements for funds. Although the details of these changes have not yet been specified, the IMA is urging the Treasury to consult with the industry on any proposed changes.

IMA chief executive Rich-ard Saunders says: “The det-ailed implications of tax simplification proposals need to be thought through.”

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