Paper suggests overhaul for offshore funds

The offshore funds tax regime may be set for a radical overhaul under proposals published by the government in its pre-Budget report. The discussion paper suggests changes to the definition of offshore funds for UK tax purposes, a proposed framework for offshore funds and the tax treatment of UK investors into those funds. The proposals would affect funds that are domiciled outside but sold into the UK. Julie Patterson, director of authorised funds and tax at the Investment Management Association, which helped to draft the proposals, said the changes would mean more offshore funds cou...