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2009 articles

You will find listed here articles related to Asset Management in 2009.

UK Protected Cell Companies

HM Treasury has now opened to consultation its proposal for umbrella UK Open Ended Investment Companies to be constituted as Protected Cell Companies. Comments are invited until 27 September 2009.

“Interest” distributions by Investment Trust Companies

The regulations to facilitate the designation of dividend distributions as interest by investment trust have now been laid and will come into force on 1 September 2009, in relation to amounts distributed on or after that date.

Charity Pooled Funds Consultation

The Government has put forward a new consultation document regarding the creation of a new type of authorised investment fund (“AIF”) authorised by the FSA but open only to charities. Comments are invited until 31 October 2009.

Budget 2009: Asset Management

Tax Elected Funds (“TEFs”) HM Treasury consulted in July 2008 for an elective regime for AIFs that would move the point of taxation from the fund to its investors, who will effectively be taxed (or not) on a similar basis as if they had received the underlying income directly.

Stamp Duty Reserve Tax (“SDRT”) on Authorised Investment Funds – net dealing by intermediaries.

HMRC has announced in its SDRT Customer Newsletter Issue No 10 that it has changed its position in relation to the collection of SDRT under Schedule 19, Finance Act 1999 on ‘net dealing’ by intermediaries or IFAs acting as ‘Nominees’ for holdings in Authorised Investment Funds, where there is a single Nominee Account for a collection of different investors.

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Howard Jones

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Carine Beidas

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