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The UK funds review: falling short of the goal?

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The UK government’s call for input regarding the UK funds regime was warmly welcomed by the asset management industry, as is evident from the large number of submissions received by the government. However, the government’s initial conclusions and take-aways from the response document published on 10 February 2022 leave us doubtful as to whether the stated aim of the review – to make the UK an attractive location for asset managers to set up, manage and administer funds for a global investor base – will be achieved. In particular, it is extremely disappointing that the government has ruled out the VAT zero rating of fund management fees. Without the introduction of a new range of internationally competitive funds, it is unlikely the review will materially move the needle for the attractiveness of UK funds to international investors.

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