Asset managers hope to return $1trn in offshore funds to UK after Brexit

Discussions with the Treasury

Fund managers are in discussions with the Treasury in the hope of favourable tax treatment if they are able to repatriate $1trn back to the UK after Brexit.

According to the Financial Times, up to $1trn belonging to British investors is managed for funds in Ireland and Luxembourg. It is now believed fund managers are in discussion with the Treasury about bringing that money back to the UK with no tax consequences in the event the regulation changes after Brexit.  Currently, managers are fearful of restrictions to 'delegation' which allows a fund to be domiciled and marketed in one country such as Luxembourg, while actively managed in another place such as London or Paris.  Fund group execs to meet ministers to discuss no-deal Brexit co...