Richard Saunders demands sweeping fund tax reforms

The IMA chief executive has demanded fundamental reforms to allow UK funds to compete with their Euro...

The IMA chief executive has demanded fundamental reforms to allow UK funds to compete with their European competitors. Richard Saunders has called on the Treasury to introduce a tax-exempt regime for UK authorised funds and scrap stamp duty reserve tax on fund units as part of the 2009 Budget. “It is an open secret in the funds world that if you want to launch a new product you don't base it in the UK and that is for tax reasons,” he said. “This is not to minimise or avoid your own taxes, but to avoid complexity and to reduce the risk of your client being exposed to an unexpected and u...