Treasury has published a summary of the responses it received to its call for input on the UK funds regime and what the next steps will be. Following comments, the government and FCA will put forward a number of new measures, including:
- simpler taxation of funds;
- expanding the range of investment products available in the UK, including introducing an unauthorised contractual scheme as a permitted fund type, which will be available to professional investors;
- looking at measures to support the wider funds environment including by giving out more information on funds authorisation and by promoting the UK funds regime abroad;
- looking to simplify the VAT treatment of fund management fees; and
- continuing to work on the rollout of the LTAF