There is a lot going on in the world of tax which will be of interest to those in the asset management sector. Relevant developments include international projects (such as the ongoing push to implement the OECD’s Pillar One and Pillar Two proposals and the publication of the EU’s shell entity proposals) but the domestic UK position should not be overlooked, with several exciting initiatives in train.
In particular, for the last couple of years the UK government has been conducting a wide-ranging review with the aim of improving the UK funds regime (the Review). The Review has already yielded some tangible results, such as the introduction last November of the new long-term asset fund (LTAF) and the development of a new tax regime for qualifying asset holding companies (QAHCs) which is due to come into effect from April. In addition, following on from a call for input (CFI) forming part of the Review, the government has recently announced next steps in relation to a variety of other measures.
With so many tax developments progressing it can be difficult for asset managers to stay on top of things. This briefing provides a checklist of the key tax issues of which you should be aware (including potentially significant future developments) and sets out the actions that you should now be undertaking in preparation.
How we can help
We advise on all tax aspects of asset management and investment funds. We are currently assisting clients with many of the matters identified in this checklist and, through our membership of industry bodies, are involved in the development of several of the measures highlighted. If you would like to know more, please do get in touch.
