UK Treasury Proposes Tax Exemptions to Support Competitiveness of its Asset Management Industry

With the goal of ensuring that the UK remains a competitive place for funds to locate and to enable investment funds to market themselves more competitively, the British Treasury recently proposed a new tax regime for the UK’s US$7.6 trillion asset management industry.  Generally, the new proposal lifts several levies and reduces certain compliance obligations for investors.  The proposal, which was laid out in three consultation papers, introduces two main changes: first, it puts forward an elective direct tax exemption for Authorized Investment Funds, and second, it replaces the substantial holding rule for Qualified Investor Schemes, which effectively removes an important tax barrier for these investment vehicles.

To read the full article

Continue reading your article with a HFLR subscription.