IMA calls for tax revamp for UK funds

In a statement issued today, the body referred to the SDRT regime as making UK funds "less marketable" than their European counterparts. It believes that the cost of any abolition would be offset by the increased business and employment tax from the industry if funds were not domiciled offshore due to more favourable tax treatment. A report issued by IMA and accountant KPMG puts the tax loss to the Treasury at £720,000 for every £1 billion of funds domiciled offshore, instead of in the UK. IMA's members provide investment management services to funds totalling approximately £456bn domi...