Tax-efficient UK Funds

The underlying principle of funds taxation should be that those investing in an asset class should be in broadly the same position and certainly no worse off than if they had invested in it directly. Over the years a large number of specialised UK tax regimes have grown up in order to deliver this for predominantly UK investors. The shape of the international regulated funds industry has meanwhile been changing however with ever-increasing challenges from other European fund centres especially Luxembourg and Dublin. It is now possible under European Union rules to form funds that are readily marketable across Europe. Luxembourg and Dublin funds are exempt from direct tax in...