2021 began with great promise for the UK funds industry. At Budget 2020 the government had announced it would carry out a review of the UK funds regime to consider reforms which had the potential to enhance the UK’s attractiveness as a location for asset management and for funds in particular. In January 2021 HM Treasury launched ‘a call for input’ for this review which acknowledged a commitment to making the UK a more attractive location to set up manage and administer funds. Two separate workstreams were also lined up for 2021: the tax treatment of asset holding companies where a further consultation had been launched in December 2020 and a review of the VAT treatment of fund management fees. We are still waiting to hear on the latter and on the outcomes of the wider funds review. However the introduction of a new...
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2021 began with great promise for the UK funds industry. At Budget 2020 the government had announced it would carry out a review of the UK funds regime to consider reforms which had the potential to enhance the UK’s attractiveness as a location for asset management and for funds in particular. In January 2021 HM Treasury launched ‘a call for input’ for this review which acknowledged a commitment to making the UK a more attractive location to set up manage and administer funds. Two separate workstreams were also lined up for 2021: the tax treatment of asset holding companies where a further consultation had been launched in December 2020 and a review of the VAT treatment of fund management fees. We are still waiting to hear on the latter and on the outcomes of the wider funds review. However the introduction of a new...
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