Balls works tackle against tax on UK funds

In October the Investment Management Association (IMA) and consultants KPMG jointly published a report which suggested fund investors were more attracted to offshore locations, such as Luxembourg and Ireland, than the UK because of its “unfavourable tax regime”. As a result Ed Balls, Economic Secretary to the Treasury, yesterday announced in a speech to the Scottish Financial Services Industry that the government has decided to set up a joint IMA, Treasury and HM Revenue & Customs working group to consider the findings of the 58-page report. Balls says the working group will consider ho...