Modernising the Tax Regime
The world is a competitive place, and none more so that in the arena of investment funds and other financial service offerings. The UK has to compete with the offerings of other jurisdictions if it is to keep its place at the top table of regulatory and tax regimes that are attractive to both fund managers and investors. After a long process of consultation and discussion with the funds industry the Treasury was finally convinced that reform of the taxation of investment vehicles both onshore and offshore was justified. These reforms, together with important changes to the UK taxation of foreign dividends, have been delivered by Finance Act 2009 and associated new regulations.
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