UK Budget 2013 favors the investment management industry - 08/04/2013
The UK Budget 2013 has been announced to the Parliament on 20 March by the Chancellor of the Exchequer. It encompasses several provisions that should enhance the investment management industry:
- The 0,5% stamp duty taxation on the redemption of units/shares of UK Authorised Unit Trusts and Open Ended Investment Companies is abolished as from 1 April 2014;
- The UK Government is considering allowing UK bond funds to pay gross interest distributions (i.e. not withholding the current 20% withholding tax) where marketed to non-UK investors;
- Regulations to introduce UK tax transparent funds (TTF), under both co-ownership form or authorised limited partnership form, should come into force in 2013. These TTF will be available as UCITS, Non-UCITS Retail Scheme (NURS) or Qualified Investor Scheme (QIS);
- Several amendments to the Offshore Funds Tax Reporting regime should be introduced (notably on the equalisation rules);
- In preparation of the introduction of the Alternative Investment Fund Managers regime, the UK Government is considering enlarging the existing non-attraction rules of foreign UCITS funds managed by UK managers to foreign non-UCITS funds.
For further details on this matter, please refer to the alert issued by Deloitte UK.
If you have any queries regarding the above, please do not hesitate to contact us.