The Government's tax consultation - The Modernisation of the Tax Rules for Investment Trust Companies, published in July - has been causing quite a stir.
Proposals to modernise the tax framework for investment trusts may not seem a particularly exciting prospect to outsiders but it is vital for the industry – and also long overdue. Current legislation has been largely unchanged since its introduction in 1965, yet the investment landscape has changed beyond all recognition in that time. The Association of Investment Companies (AIC) has been pushing for a new framework for a number of years, since the current rules increase cost and prevent investment companies adopting certain investment strategies. To maintain the status quo is not an ...
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