The Investment Management Association (IMA) has welcomed numerous changes affecting offshore funds which will enhance the UK's competitiveness as a domicile for authorised investment vehicles.
In his Budget, Alistair Darling announced a reformed Offshore Funds Regime, which will come into effect from 1 December 2009. The new regime is designed to provide a simple and fair approach to the taxation of UK investors in offshore funds, says the IMA. Legislative changes will be made to clarify transactions by UK authorised investment funds and equivalent offshore funds will be taxed as investing, not trading. Furthermore, an extension of the dividend tax credit to investors in offshore funds, which comes into effect immediately, will ensure there is equal treatment between onshor...
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