Overview

The last 12 months have still seen a number of changes and proposals for the reform of UK tax rules affecting investment funds. Crucially, there is now certainty as to how the new investment trust company tax regime will look for accounting periods beginning on or after 1 January 2012. Corresponding amendments are being made to the Companies Act 2006 rules applicable to investment companies.

In addition to this, December saw the publication of draft Finance Bill 2012 legislation and associated materials, which contained a number of announcements relevant to the investment funds sector.

Finally, this was the year in which the European Commission published its proposals for an EU-wide financial transactions tax, which could, if introduced as proposed, affect investment funds. In combination with the US 'FATCA' rules, this can be seen as part of an increasingly international approach to taxation in the wider financial services sector.

For full commentary and analysis on all these stories and more, click 'View Briefing'.