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ARTICLE · 01 APRIL 2011

Budget 2011 - Implications For The Investment Funds Sector

Charles Russell Speechlys LLP
Charles Russell Speechlys LLP
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Charles Russell Speechlys LLP

Charles Russell Speechlys LLP

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Following previous consultation, the Finance Bill 2011 (the "Finance Bill") will include provisions modernising the tax rules for ITCs.

United KingdomTax
Amanda Solomon
Amanda Solomon

Modernisation of Investment Trust Companies ("ITCs")

Following previous consultation, the Finance Bill 2011 (the "Finance Bill") will include provisions modernising the tax rules for ITCs. The new ITC tax rules will:

  • include a new definition of an investment trust;
  • provide certainty on which transactions are treated as investments for tax purposes (this will include a "white list" of transactions);
  • permit a wider range of investment strategies;
  • reduce administrative burdens, including removal of the annual approval process; and
  • deal more flexibly with minor or inadvertent breaches of the rules.

Draft regulations for the new ITC regime will be published for consultation during April 2011.

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