For immediate release: Friday 3 November 2006

IMA WELCOMES GROSS INTEREST DISTRIBUTION DELAY

IMA today welcomes the announcement from HM Revenue and Customs of their intention to delay the implementation of the Gross Payment provisions for authorised investment funds, which were due to come into force from April 2007.

Julie Patterson, Director of Regulation, Operation and Taxation at the IMA, commented:

"There have been serious concerns among our members as to the lead time given to implement these systems changes within management firms and distributors. We therefore welcome this deferment and will continue our ongoing discussions with the relevant officials with a view to identifying practical ways forward." 

-Ends-

For further information, please contact:
Helen Stephenson, Communications Officer, IMA, 020 7831 0898

Out of hours contact:
Mona Patel, Head of Communications, IMA, 07834 089332