IMA calls for tax-exempt regime for UK funds

In a speech in London today, IMA chief executive Richard Saunders recommended the introduction of a tax-exempt regime for UK authorised funds, with legislative certainty that funds will be treated as investing, not trading, for tax purposes. As part of a wider package for the 2009 Budget, Saunders also asked the Treasury to consider the abolition of Schedule 19 Stamp Duty Reserve tax on fund units, and the removal of the 10pc limit on single investors in Qualified Investor Schemes, which he says has acted as a severe constraint on their development. "It is an open secret in the funds ...