Speaking at a conference yesterday, Patterson, who is head of authorised funds and tax at the UK’s Investment Management Association, said the UK is “open for business for both funds and management companies”.
She said: “Significant changes to the UK’s fund tax regime have put the UK back on the list of key fund domiciles for Ucits funds. The UK is already a major domicile for ‘alternative investment funds’, with around 2,000 such vehicles based here.
“For the UK to be able to offer competitive Ucits master-feeder structures,* there needs to be a handful of further changes. We are pleased, therefore, that the Government has committed to the introduction of “tax-transparent” funds in 2012 and to making certain technical changes to accommodate master-feeders.”
Patterson added that the Finance Bill 2011 includes provisions for no Stamp Duty Reserve Tax “Schedule 19”to be charged on funds investing in other funds which are not materially invested in UK equities, which she said was a “step in the right direction.”
