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Press Release

Thursday 29 March 2012


The Investment Management Association (IMA) strongly support the Treasury’s latest draft proposals* on the implementation of tax transparent funds (TTFs) into the UK.

The UCITS IV Directive means that for the first time master funds can be based in the UK and feeder funds from other domiciles can hold units in those UK master funds. The new rules, enabling UK master funds to be tax transparent, will make them a very attractive option for feeder funds across the EU because of the UK’s extensive double taxation treaty network. This is a major advantage of the UK’s, which is too often understated.

Also, the UK has a robust governance regime for retail funds.  For example, it prohibits a fund manager and a depositary being in the same group of companies. This robustness is also attractive to exempt institutional investors, such as pension funds and charities, which would most benefit from the UK’s double tax treaties.

Julie Patterson, IMA Director of Authorised Funds and Tax, said:

“TTFs will positively reinforce the UK’s reputation as a leading financial centre, ensuring we can capitalise on the opportunities UCITS IV presents.

“We look forward to the introduction of UK TTFs this year.”


*HMT Consultation on contractual schemes for collective investment. Read the IMA consultation response here.

For further information please contact:

Christina Bridge, Press Assistant - 020 7831 0898
Mona Patel, Head of Communications - 020 7831 0898 or 07834 089332
Navdeep Sidhu, Press Officer - 020 7831 0898 or 07843 517618

Notes for Editors

The IMA is the trade body for the UK's £4 trillion asset management industry. 

The money its members manage is in a wide variety of investment vehicles including authorised investment funds, pension funds and stocks and shares ISAs.

Our purpose is to support and promote a commercially successful and growing UK investment management industry as we seek to improve the financial outcomes for customers - savers and investors.

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