Wealth Manager - the site for professional investment managers

Register to get unlimited access to Citywire’s fund manager database. 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
Brewin's Gutteridge: Yuan direction

Brewin's Gutteridge: Yuan direction

This week Brewin Dolphin's research head chats to Fidelity Asian Investment Directors Jenny Lee and Gary Monaghan about the big changes in China.

Play On the Road Challenge: horsing around on the polo pitch

On the Road Challenge: horsing around on the polo pitch

Libby Ashby takes to the polo pitch with Stuart Leigh-Davies from Redmayne-Bentley for an 'On the Road' challenge.

Brewin's Gutteridge: where Miton's Godber sees value

Brewin's Gutteridge: where Miton's Godber sees value

This week Brewin Dolphin's research head talks to George Godber, co-lead fund manager of the Miton UK Value Opportunities fund, about value investing.

Your Business: Cover Star Club

Profile: what tempted Brewin's Glasgow team over to Rathbones?

Profile: what tempted Brewin's Glasgow team over to Rathbones?

Rathbones’ Glasgow office has only been open for three months but the team, led by Angus Kerr, has already attracted new clients

Wealth Manager on Twitter