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Budget 2013: funds industry finally gets its Schedule 19 wish
Markets
by Danielle Levy on Mar 20, 2013 at 14:50
The move has also been welcomed by Rob Mellor, PwC asset management partner, commenting: 'This is something that the industry has been requesting for some time. It is great news for the UK asset management industry as it levels the playing field with other European fund locations and should help to encourage more UK and non-UK asset managers to launch UK based fund products.'
The government is also considering removing the requirement to withhold tax on interest distributions on UK bond funds to non-UK investors as part of the Budget - a move which could provide a boost to the UK fund management industry when promoting their bond fund ranges abroad.
Both measures fit with the government's stated intention in the Budget document to promote the UK as a centre of fund management and domicile and improve the process by which new funds are authorised in the country.
As part of this the government will also make changes to limited partnerships to help accommodate the use of private equity investments.
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