Investment management firms will be heartened to learn that the government recognises the importance of the sector to the UK economy in the publication of ‘The UK investment management strategy’.
The UK’s share of fund domicile has fallen in the last decade so the report sets out, at a high level, steps being taken as part of the strategy to rebuild our share. Topics include:
- the abolition of stamp duty reserve tax;
- providing greater certainty that the tax residency of an offshore AIF will not be affected by having a UK AIFM;
- permitting gross interest payments from UK bond funds to non-residents;
- greater clarity on activities under the Investment Management Exemption;
- the new tax transparent ACS (see Regulatory Roundup 39 for details);
- a review of limited partnerships including them electing for legal personality.
