OEIC reforms make UK attractive to overseas investors

UK OEICS and unit trusts could now be seen as attractive investments for overseas investors following the removal of inheritance tax and stamp duty liabilities today by the Treasury. Ruth Kelly MP, financial secretary to the Treasury, has announced the relaxed rules, governing products such as OEICs, in a bid to make the UK more attractive to non ordinarily resident (NOR) investors who might otherwise take their business to Luxembourg and Dublin. Overseas investors will now be able to receive the gross interest earned from authorized funds so it is exempt from inheritance tax, as...