Budget 2010: Tax change allows UK to compete for funds - IMA

The IMA has applauded the Government's move the amend tax rules it says is forcing groups to domicile funds away from the UK.

In today's Budget, the Treasury says it will alter the fund-specific Schedule 19 Stamp Duty Reserve Tax regime. The tax affects only UK-authorised funds and is in addition to SDRT paid on funds' acquisitions of UK equities. In particular, it is currently paid by UK funds investing in other funds, even where those other funds are not invested in UK equities. It is this element of the tax that is to be removed, which the IMA says will enable UK-domiciled funds to compete on a level playing field with offshore funds. Alistair Darling has also announced the Government intends to launc...