The following Tax practice note produced in partnership with Michael Alliston provides comprehensive and up to date legal information covering:
FORTHCOMING CHANGE relating to the UK funds regime: It was announced at Budget 2020 that the government would be carrying out a review of the UK funds regime, covering both tax and relevant areas of regulation. The government published a call for input on 26 January 2021 setting out the scope and objectives of the review and inviting stakeholders to provide views on which reforms should be taken forward and how these should be prioritised. The call for input ran until 20 April 2021 and following Autumn Budget 2021, the government published a summary of responses and the proposed next steps. These include making the taxation of authorised funds simpler and more efficient, including in relation to the genuine diversity of ownership requirement, and solutions to deal with the tax efficiency of multi-asset authorised funds. In addition, work is also ongoing to review the VAT treatment of fund management fees and to consider the taxation of the new long-term asset fund structure (LTAF). For more details, see News Analyses: Review of the UK funds regime—an analysis and HM Treasury’s review of the UK funds regime—a call for input.
This Practice Note considers the application process for a company seeking approval as an investment trust company (ITC) from HMRC. It discusses, in particular, the:
content of an application
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