Wealth Manager - the site for professional investment managers

Register for full access to Citywire’s Fund Manager database, news and analysis. Registration is free and only takes a minute.

Budget 2014: fund group relief at offshore tax clarification

Budget 2014: fund group relief at offshore tax clarification

A provision buried in the budget has lifted the threat that offshore funds will lose their favourable tax treatment.

The government is to widen the scope of section 363A of the Taxation International and Other Provisions Act 2010 to remove the risk that offshore funds managed from the UK could be deemed UK resident for tax purposes.

Under the current legislation, a company can be designated as eligible for UK taxes if its central management and control functions are exercised in the UK. This will no longer be the case.

Non-UK Ucits funds were already exempt, and this budget’s tweak will extend that treatment to all alternative investment funds.

The budget also confirmed that Schedule 19 Stamp Duty Reserve Tax would be abolished for unit trusts and open-ended investment companies, as announced last year.

However, the charge will still be applied on non pro-rata in specie redemptions.

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Play Investment Pulse: the highs and lows of 2014

Investment Pulse: the highs and lows of 2014

This week's Investment Pulse looks back at some of the biggest stories of the year as well as looking forward to 2015.

Play Inside ETFs: Why the US bull-run still has legs

Inside ETFs: Why the US bull-run still has legs

Global equities suffered a sharp sell-off in the third quarter but exchange traded fund investors are continuing to back the US to outperform in 2015

Play Paul Niven: I won't rip up the Foreign & Colonial Trust history book

Paul Niven: I won't rip up the Foreign & Colonial Trust history book

The newly appointed manager of the Foreign & Colonial trust talks about his plans for UK's oldest investment company.

Your Business: Cover Star Club

Manchester wealth firm hires Coutts director for London launch

Manchester wealth firm hires Coutts director for London launch

Former Coutts director Tony Robinson has joined Chartered Wealth Management to head the company’s newly opened London office.

Wealth Manager on Twitter