Autif presses for abolition of offshore fund legislation

Autif has urged for an abolition or substantial reform of offshore fund legislation in its pre-budget submission to the Chancellor of the Exchequer. Autif reasoned that the existing legislation is no longer relevant in today's circumstances and is a barrier, which undermines arguments for a single market in financial services in Europe. The trade association also wants to see holdings of stocks and shares by non-residents made exempt from inheritance tax. It argued that the existing rules 'bring in very little revenue and simply discourage non-residents from investing in the UK'. ...