The UK investment management strategy

20 March, 2013 London, UK

As part of the UK’s Budget 2013 speech, the UK Government has today announced a new package of measures for the investment management industry. These reforms will help promote the UK as a centre of fund domicile while also supporting existing fund management activities. Details of these measures are set out in the  document entitled The UK investment management strategy.

This document confirms the Government’s long term commitment to the investment management industry and recognises the importance of maintaining ongoing dialogue. Significant reforms set out in the document include:

Regulation

  • The Financial Services Authority has agreed to actively engage with industry regarding its processes for authorising new funds.
  • Reform of Limited Partnerships to support their use by the private equity and venture capital sectors.
  • Effective implementation of new AIFMD and other new EU  legislation.


Marketing

  • A sustained overseas marketing campaign lead by UKTI.
  • Co-ordination between HM Treasury, UKTI, The CityUK and appropriate trade bodies to effectively promote and market the UK investment management industry.
  • The establishment of a ‘one-stop-shop’ bringing together relevant service providers for fund managers wishing to set up in the UK.


Tax

  • Government will abolish schedule 19 Stamp Duty Reserve Tax from tax year 2014/15
  • In addition, the Government will consult over the summer on:
    • Extending s363a TIOPA 2010 to non-UCITS funds
    • Allowing UK domiciled bond funds to pay gross interest where they are marketed to non-UK       residents
  • Making minor changes to  the white list for investment transactions.

 

Further details on all these measures are contained within the document, which can be found online at: http://www.hm-treasury.gov.uk/budget2013_documents.htm