The government has unveiled plans to change the tax treatment of investments by UK Authorised Funds in non-reporting offshore funds
In effect, the new rules will remove the 20 per cent tax that currently "sticks" in the UK fund.
Investors will have a tax outcome that is more similar to speculators who invest their money in non-reporting offshore funds or another off-shore account.
Julie Patterson, director of tax and authorised funds at the Investment Management Association, explained that the new proposals will allow the UK to compete with the off-shore industry.
She continued: "At present, many types of UK investors are disadvantaged if they invest in UK funds that invest in non-reporting offshore funds, compared with investing in such non-reporting offshore funds direct or via an offshore fund of funds."
Merchant Investors, the pensions and investment provider, recently announced that it has launched an offshore bond in the Isle of Man .
Government plans will make UK investors more competitive
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Government plans will make UK investors more competitive
Thu, 21 Jan 2010
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