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The Government has launched three tax-based consultations in the hope of enhancing the competitiveness of the UK asset management industry.
The papers, announced by economic secretary to the Treasury Kitty Ussher, follow a package of measures announced in Budget 2008 and designed, say ministers, to make the country a more competitive location for asset management and to advance the Government's agenda for City competitiveness.
The documents propose:
- Introduction of a direct tax exemption regime for UK Authorised Investment Funds.
- Removal of the tax as a barrier to Qualified Investor Schemes by replacing the substantial holding rule.
- Adaptation of the tax rules for Investment Trust Companies to deliver tax efficient investment into interest bearing assets.
Ms Ussher aid: 'The consultation papers… are a step forward in improving the taxation environment for the asset management industry.
'We are determined to maintain momentum on improvements to the taxation of asset management to ensure the industry remains highly competitive in the face of new global challenges,' she added.
