proposed changes will bring in new regulations for offshore funds
The regime for offshore funds will be brought into line with that of onshore funds in the 2004 Finance Bill, the Government has promised. The proposed changes, announced by the Chancellor in his pre-budget address, will see the current offshore funds regime replaced with new rules that will provide similar tax treatment of investment in offshore funds and equivalent UK products. The offshore tax regime was put in place to distinguish between funds used to roll up income and convert it into a capital gains tax liability, and those that distribute income on which income tax is paid. In ...
To continue reading this article...
Join Professional Adviser for free
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes