Autif has urged for an abolition or substantial reform of offshore fund legislation in its pre-...
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'.
An abolition of stamp duty reserve tax on fund of funds structures was also called for. Autif feels this tax places fund of funds structures at a significant competitive disadvantage as it gives rise to a three-tier stamp charge.
With regards to Isas, Autif wants no penalties imposed on savers who transfer their accumulated savings from cash to stocks and shares. Autif also wants an extension of eligibility to Futures and Options Funds, which it says can offer an attractive haven to investors in falling markets. This, reasons Autif, will be particularly pertinent when the new UCITS Directive, which abolishes existing categories of funds, comes into force.
Despite improved risk appetite
FOS award limit increase
Relates to 136 million transaction reports
Ceremony will take place 13 November