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IMA welcomes tax transparent funds

The Investment Management Association (IMA) has welcomed the coalition's adoption of the latest draft regulations regarding tax transparent funds.

Two different kinds of fund are set to be introduced by HM Revenue & Customs and the Treasury - a partnership and a co-partnership scheme.

Director of authorised funds and tax at the IMA Julie Patterson noted that this reflects comments her organisation submitted in regard to limited partnerships.

She added that it is a positive development that the government welcomed their submission as part of an open consultation approach.

Ms Patterson said that the government's objective of creating a competitive regime for UK-domiciled pooled funds is a strong goal.

The expert expressed optimism that this will consolidate the UK's position as the leading asset management centre in Europe, adding: "The IMA is working closely with officials to ensure that technical legal issues are properly resolved."ADNFCR-1898-ID-801420606-ADNFCR

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