UK tax regime key concern for asset managers - IMA

While the general view was the UK is a benign environment in which to operate, a number of interviewees said the UK is losing out as a result of fund activity being driven offshore by tax considerations. There was also a degree of criticism of the general attitude taken at times by the UK fiscal authorities in their approach to the industry. The survey found of the £650bn funds under management for retail clients, over a third is domiciled in Luxembourg, Dublin and overseas locations. The accelerating dominance of Luxembourg as a centre for administration is also in evidence while UK ...