Behind the Budget: Should the fund industry be celebrating?

BUDGET

Cathryn Vanderspar, partner, corporate tax at Berwin Leighton Paisner, analyses the changes for the UK investment industry introduced in last month's Budget.

While the Budget proposals are not unexpected for those who have been working behind the scenes, the way they have been presented marks a continued, vital change of public approach by the government to the UK funds sector. First, there is the honesty, the public acceptance by the government of successive governments’ complacency towards the sector, resulting in the UK losing ground to its competitors. Secondly, there is the admission that this really does matter to the UK. Interestingly, one figure that is missing from the Budget statistics is one we understand has been accepted by...