IMA urges chancellor to rethink taxes

News Article - 24 May 2012
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The Investment Management Association (IMA) has called on chancellor Gordon Brown to review taxes perceived as unfair for businesses in a special report.

This submission comes ahead of the chancellor's pre-budget report for 2006 and focuses on the attractiveness of fund domicile centres such as Dublin and Luxembourg compared with the UK, as researched in an earlier report with KPMG.

Certain proposals, such as a property fund-specific tax scheme and the abolition of stamp duty reserve tax for funds, are made in the IMA's report in its attempt to ensure that investors are fairly taxed.

"The joint report with KPMG has highlighted that the current tax regime is reducing the attractiveness of the UK as an important fund centre," commented Julie Patterson, director of regulation, operation and taxation at the IMA.

"We have a set of proposals which will maximise the level of economic activity within the industry without the need for tax breaks or privileges."

Other proposals set out in the document include the government's continued backing of individual savings accounts and the simplification of the offshore funds regime.

The IMA is a representative body for British unit trust and fund managers.

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