Three consultation papers focusing on how to enhance the competitiveness of the UK's asset management industry have been announced by the economic secretary to the Treasury, Kitty Ussher MP.
The consultations follow a bundle of measures announced in this year’s Budget, designed to make the UK a more competitive location for asset management and to advance the Government’s City competitiveness agenda. The consultation process will propose the introduction of a direct tax exemption regime for UK Authorised Investment Funds and removal of the tax as a barrier to Qualified Investor Schemes by replacing the substantial holding rule. It will also advise adaptation of the tax rules for Investment Trust Companies to deliver tax efficient investment into bearing assets. “The Gover...
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