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Consultations & legislation
16 December 2008
The 2008 Pre-Budget Report announced the Government’s intention to discuss with the industry the potential for introducing legislation to provide increased certainty about whether transactions carried out by Authorised Investment Funds (AIFs) are trading or investment. This discussion paper sets out proposals for such legislative change, including the introduction of a ‘white list’ of financial transactions, which when undertaken by AIFs meeting a genuine diversity of ownership test will not be taxed as trading, and also removing a ‘precipice’ in the current legislation whereby there is a risk that one trading transaction could bring the whole fund into tax as a financial trader.
The Government is happy to receive views in advance of the publication of draft legislation early in the New Year, or alternatively in response to that publication.
The consultation is available in Adobe Acrobat Portable Document Format (PDF). If you do not have Adobe Acrobat installed on your computer you can download the software free of charge from the Adobe website. For alternative ways to read PDF documents and further information on website accessibility visit the HM Treasury accessibility page.
