Wednesday March 12, 03:42 PM
UK BUDGET Darling proposes measures to boost UK fund management industry
LONDON (Thomson IM) - Chancellor of the Exchequer Alistair Darling has announced a package of tax measures aimed at enhancing the competitiveness of the UK asset management sector.
Darling said the measures would aim to remove tax as a barrier to commercial developments and make the tax system fairer.
The measures include launching a new tax regime for property authorised investment funds which will start on April 6.
The new regime will enable certain authorised investment funds (AIF) to elect for a tax treatment that will move the point of taxation from the fund to its investors.
The new regulations will enable a property AIF to provide an open-ended fund alternative to the existing closed-ended real estate investment trusts.
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