The FSA will be able to authorise tax-transparent funds by the summer of 2012 after the government moved to introduce the products through secondary legislation.
Financial Secretary to the Treasury Mark Hoban MP, speaking at the IMA Chairman's Dinner last night, gave the green-light after saying tax-transparent vehicles will not need to go through primary legislation. The comments are a u-turn from a previous announcement in November and were welcomed by the IMA. Julie Patterson, director of authorised funds and tax at the IMA, said she is pleased the debate will now not need to go through "the clunky parliamentary process" which primary legislation involves. Tax-transparent funds are expected to boost the UCITS IV directive, allowing feede...
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