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IMA welcomes Treasury's investment tax draft
The Investment Management Association (IMA) has welcomed the news that the Treasury has drafted regulations that would remove tax on investments by UK funds in some offshore funds, which may interest those considering offshore tax planning.
Changes to regulations will alter the tax treatment of investments by UK Authorised Funds in non-reporting offshore funds from March, effectively removing the 20 per cent corporation tax that currently stays in the UK fund.
Julie Patterson, IMA director of tax and authorised funds, described the proposals as another step forward in the drive to make the UK fund industry competitive.
"At present, many types of UK investors are disadvantaged if they invest in UK funds that invest in non-reporting offshore funds, compared with investing in such non-reporting offshore funds direct or via an offshore fund of funds," she added.
The IMA also recently welcomed the Financial Reporting Council's consultation on the Institutional Shareholders' Committee's Stewardship Code for Institutional Investors.
Posted by Jared Atreides
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