UCITS investors face 'triple blow' transaction tax

Natalie Kenway
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The European Commission has proposed a tax on financial transactions to help fund the cost of the eurozone rescue package which could see investors in UCITS fund being hit with a triple blow.

The tax would be imposed on EU members and would raise about €57bn (£50bn) for each year after proposed implementation in 2014, according to the BBC. However, in talks today the UK Treasury said it will "absolutely resist" the tax unless it is introduced on a global scale, while the IMA has called for more clarification as the body fears UCITS investors, and savers in general, will be hit hardest. Julie Patterson, Director at the IMA said: "We agree with the Commission's statements that, if such a tax is introduced, it is important to avoid distortions and to create incentives for the...

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