IMA calls for level playing field for tax across Europe

The UK's Investment Management Association (IMA) has called for the introduction of a flat rate of tax for investment funds across Europe. This would level the playing field between UK and non-UK funds and could increase the attraction of offshore funds to UK investors. Julie Patterson of the IMA said the industry body wants tax within funds, including corporation tax and stamp duty, to be abolished. Investors would face one rate of tax rather than at their marginal rate. "Our analysis has shown that if there was a flat rate of tax of 15% on funds in the UK, the Treasury would not lose o...