Budget: UK fund industry boost

Julie Patterson, the IMA authorised funds and tax director, says the Chancellor has recognised the need to work the asset management industry and introduce a series of measures to enhance the UK’s financial credentials. The Government announced a new tax regime for Property Authorised Investment Funds, which will ensure non-tax paying investors, such as pension funds, charities and ISA investors, will not pay tax on rental income paid by the fund. Funds of Alternative Investment Funds rules will also be developed, enabling UK authorised funds to invest in a wider range of underlying funds...