Consultation to close UK and offshore funds gap

The consultations follow a bundle of measures announced in this year’s Budget, designed to make the UK a more competitive location for asset management and to advance the Government’s City competitiveness agenda. The consultation process will propose the introduction of a direct tax exemption regime for UK Authorised Investment Funds and removal of the tax as a barrier to Qualified Investor Schemes by replacing the substantial holding rule. It will also advise adaptation of the tax rules for Investment Trust Companies to deliver tax efficient investment into bearing assets. “The Gover...