IMA CALLS FOR CLARIFICATION OF INVESTMENT FUND TAXATION

In today’s Pre-Budget Report the Government announced its intention to introduce a measure that would apply the taxation arrangements for Authorised Investment Funds (Unit Trusts and OEICs) only to those funds where each investor holds less than 10% of the fund.

Commenting on this statement, Julie Patterson, Director of Regulation, Operations and Taxation of IMA, said:

“  The wording appears to suggest that tax certainty for investors in all types of authorised investment funds is at risk.  If this is the case it could be detrimental to individual investors and would encourage sophisticated investors to go offshore.  IMA is seeking clarification that this measure is not intended to apply to retail funds.  Even if it is meant to apply only to funds for institutional and sophisticated investors it could lead to funds moving offshore. “

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For further information, please contact:

Mona Patel, Head of Communications, IMA, +44(0)207 831 0898 

Out of hours contact:
Mona Patel, Head of Communications, IMA, +44(0)7834 089332

65 Kingsway London WC2B 6TD 

Tel: +44 (0) 20 7831 0898 Fax:+44 (0) 20 7831 9975 

www.investmentuk.org 

Investment Management Association is a company limited by guarantee registered in England and Wales Registered number 4343737.  Registered office as above.