IMA calls for urgent tax overhaul

The Investment Management Association in the UK has called on the Government to abolish the fund-specific Stamp Duty Reserve Tax regime, which it said is making UK funds "less marketable" than their European counterparts. It believes that the cost of any abolition would be offset by the increased business and employment tax from the industry if funds were not domiciled offshore due to more favourable tax treatment. A report issued by the IMA and accountant KPMG puts the tax loss to the Treasury at £720,000 for every £1bn of funds domiciled offshore, instead of in the UK. The IMA's membe...