EU Robin Hood tax will hit pension funds: IMA

The European Commission today agreed to consider a proposal to introduce a tax on financial transactions to raise money to pay back government debt and improve the functioning of markets. However, such a tax would only hurt savers more, the IMA argues. "Pension funds could be hit twice by this tax: when the fund manager arranges a transaction on behalf of the fund and when the fund acquires or sells that asset," said Julie Patterson, director at the IMA. "UCITS investors could be hit three times, as they may also be taxed when they buy units in the fund. As proposed, this would be ...