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- Reform of fund taxation
Reform of fund taxation
- Created:
- 12 March 2008
- Written by:
- John McLeod
Open-ended property funds will be able to elect to become property authorised investment funds.
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This will enable them to avoid paying corporation tax on income from property, so only higher-rate taxpayers will have to pay tax on income received from the funds. This brings them into line with real-estate investment trusts (Reits).
Meanwhile, the exemption from value-added tax on fund management fees, which currently applies to open-ended funds, is to be extended to cover investment trusts, venture capital trusts and some offshore funds. Funds traded on the Alternative Investment Market (Aim) remain excluded.
Offshore funds are to be allowed to declare income for personal tax purposes, without having to pay it out. Meanwhile, rules to enable funds of alternative investment funds (due in 2009) will allow gains made on offshore funds to be charged as income tax on disposal by the investor, avoiding corporation tax in the fund.
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