HMRC Consults on Tax Residence of Non-UCITS Funds Managed by UK Managers

July 25, 2013

HMRC has released a series of consultations regarding financial services taxation. The proposed measures are in line with the Government's "UK investment management strategy", a commitment announced in the 2013 Budget to protect the UK's position as Europe's leading centre for fund management. The most significant consultation for the alternative asset management industry proposes helpful amendments to give certain offshore non-UCITS funds (or "alternative investment funds" (AIFS)) additional comfort that they will not be treated as UK tax resident.

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