Monday January 9 2012
News Source: Fund Regulation
Focus: AIFMD
Type: General
Country: UK
Fund Axis would like to draw your attention to a recent invite to a formal consultation issued by the HM Treasury regarding contractual schemes for collective investment. Following the announcement in budget 2012 of the UK Governments intention to introduce a tax transparent fund structure to facilitate the setting up of pooled Master Funds under the UCITS IV regime. The measures proposed in this paper would permit the authorisation of UK domiciled schemes established by contract and governed by the terms of a deed between the operator of the scheme and the investing participants.
The consultation invites all interested parties, e.g. industry participants, market participants and other interested parties to submit their responses by the 19 March 2012 to taxtransparentfund@hmtreasury@gsi.gov.uk
Please find below details of the briefing released by the HM Treasury and a link to the consultation which should also be referred to for further details.
Briefing Details
The aim of this consultation is to gather views and evidence on the costs and benefits of the new fund vehicle, likely take up by industry and the tax and legal arrangements needed for it to be deployed effectively.
This consultation document explains the background to the Government’s proposals, the structure of the vehicles, the required regulatory and tax legislation and sets out the expected benefits of introducing the contractual schemes.
HM Treasury would like to hear from all interested parties. Respondents should address any of the questions in the consultation document where they feel they can make a contribution, as well as offering any further comments they may have.
A separate consultation is being carried out covering legislation being introduced in the Finance Bill 2012 regarding the tax treatment of individuals in such collective investment schemes for the purpose of tax on capital gains.
Consultation on contractual schemes for collective investment
Consultation on draft legislation for Finance Bill 2012
Revised regulations for contractual schemes for collective investment
Should you wish to contact the author of this article about any of the issues raised above then please send an email to info@fund-axis.com.