HMRC proposals to scrap two rules needed to gain UK distributor status get a mixed reception, with some seeing the move as a disguised clampdown on avoidance
Her Majesty's Revenue & Customs (HMRC) proposals to streamline the tax regime for offshore funds have recently been given a mixed reception by fund groups and advisers. Currently, gains from offshore funds that have UK distributor status are liable to capital gains tax rather than income. As part of the October pre-Budget report, the HM Treasury is proposing to scrap two rules that are needed for a fund to gain UK distributor status. The first regulation that is now up for abolition is the requirement to distribute 85% of a fund's annual income to UK investors. The Government also w...
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