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407:) vs a CCF. Investors, who are in a traditional Irish ICVC and invest in the US equity markets that should be exempt from paying tax, suffer a 30% WHT on U.S. dividend income. The following graph illustrates the cumulative difference of a CCF less an ICVC, thus highlighting the positive impact a TTF would bring to the UK verses opaque fund structures.
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Multinational
Pension Pooling, governance, oversight, risk control and cost efficiencies - Grouping pension funds and other assets into a cross-border pooling fund allows for significant cost efficiencies in various areas such as investment management, administration, custody, audit and service fees.
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A UCITS IV master feeder needs to be tax-transparent. The UK TTF will permit feeder funds in different domiciles to invest in the same master vehicle allowing the feeder fund to maintain the correct WHT position. Therefore, funds from across Europe can be moved into a centrally managed pooling model
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In
December 2011 an initial draft of the Finance Bill 2012 confirmed that regulators will be granted powers to exempt qualifying funds from stamp duty and stamp duty reserve tax. Subsequently, the Corporation Tax Act 2010 requires amendment to ensure that the new TTF funds are not accountable to pay
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If the UK does not offer a tax transparent fund to investors and fund managers it could potentially mean billions of assets going offshore. The
Investment Manager Association reviewed how this would affect the UK and included it in their budget representation to the treasury. Due to Ireland and
353:) IV directive in July 2011. It was felt that a transparent fund would be a beneficial vehicle to complement the existing range of UK funds. Feeder fund investors under a master/feeder structure would benefit from tax treaty agreements, whilst fund managers could access greater
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once the UK Finance Bill 2012 becomes an act and when the
Financial Services and Markets Act 2000 and the Corporation Tax Act 2010 are amended, sometime mid-2012. TTFs will then have the option to be based in the UK rather than in competing European domiciles. Both
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http://www.northerntrust.com/pws/jsp/display2.jsp?TYPE=interior&XML=pages/nt/0802/pressRelease.xml&prd=primary/pressrelease/1327058997255_248.xml&nxml=/content/pages/nt/0409/63913851_3892.xml
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for corporation tax. Overall this requires an amendment to the
Financial Services and Markets Act 2000 to ensure all boundaries are set and any legalities are pre-determined before TTF's are launched.
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has illustrated the potential savings obtained by avoiding the drag on WHT, comparing a traditional
Collective Investment Vehicle such as an Irish Investment Company with Variable Capital (
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In 2010 a lobby formed for a U.K. transparent fund to be developed ahead of the implementation of the
Undertakings for Collective Investment in Transferable Securities Directives (
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Luxemburg already being in this space there was a concern the UK would be left behind, especially as a number of other countries are looking at introducing this type of vehicle.
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In
January 2012 a consultation document was published. The government aims to have the new/amended legislation and the TTF vehicle to come into effect by the summer of 2011.
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In the UK Government's budget of March 2011, an announcement heralded a positive step forward in bringing a TTF to the industry by the summer of 2012.
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In May 2011 an indication was given that regulation rather than legislation was required, and it would allow for more time to consult on the issues.
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convening working groups, with experts from a commercial, product, legal and tax perspective.
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From May – December 2011 there was an informal consultation process with industry, advisers,
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Please help update this article to reflect recent events or newly available information.
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Gulliver-Needham, Elliot; Rana, Jayna; Miller, Laura (2011-06-10).
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have already introduced such structures, formally known as the
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Life companies will be able to mitigate the effects of the
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when all the assets are pooled in a tax efficient manner.
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and tools are available to assist in formatting, such as
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Finance Bill 2012 confirms tax transparent fund details
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Source: The
Northern Trust Company - January 20th 2012
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317:collective investment scheme
171:Nearly 10 years out of date.
1000:Efficient-market hypothesis
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756:Fonds commun de placement
219:This article needs to be
995:Arbitrage pricing theory
334:Fond commun de placement
1070:Traditional investments
1055:Commodity pool operator
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802:Open-ended fund company
744:Common contractual fund
516:"Pooling opportunities"
338:Common contractual fund
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399:Research conducted by
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176:improve this article
909:Manager of managers
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390:The benefits
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