IMA survey suggests tax is pushing funds offshore

Fund activity is increasingly being driven offshore because of the UK's tax situation, research from the Investment Management Association has revealed. The annual Asset Management Survey found a number of senior figures in the investment industry, who were interviewed on their views of the market, felt the UK was losing out as a result of tax considerations. There was also criticism of the general attitude of the UK fiscal authorities in their approach to the industry. The survey revealed that £650bn of retail assets were managed in the UK (representing 21% of the total assets) and that ...