Consultation outcome

Reserved Investor Fund consultation

From:: HM Treasury
Published: 27 April 2023
Last updated: 6 March 2024 — See all updates

Download the full outcome

Reserved Investor Fund - Summary of Responses

Ref: ISBN 978-1-916693-09-8, 3327

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Detail of outcome

This publication summarises the responses received from stakeholders to the government’s consultation on the design and scope of a tax regime for a new UK investment fund vehicle: the Reserved Investor Fund (Contractual Scheme) (RIF) and confirms the intended policy approach in the areas covered. The RIF is designed to complement and enhance the UK’s existing funds regime by meeting industry demand for a UK-based unauthorised contractual scheme with lower costs and more flexibility than the existing authorised contractual scheme. The RIF will be open to professional and institutional investors.

The consultation ran from 27 April 2023 to 9 June 2023 and the government is grateful for the responses received. Following careful consideration of these responses, the government intends to proceed with the RIF and will begin legislating for the RIF in the Spring Finance Bill 2024.

Original consultation

Consultation description

In the response to the UK funds regime review call for input on 10 February 2022, the government committed to undertaking further work to explore options for the introduction of a new fund structure: an unauthorised contractual scheme. This proposed fund type would be called the Reserved Investor Fund (Contractual Scheme) for the purposes of this consultation, and would be designed to complement and enhance the UK’s existing funds regime by meeting industry demand for a UK-based unauthorised contractual scheme with lower costs and more flexibility than the existing authorised contractual scheme.

This consultation invites views on proposals for the scope of the Reserved Investor Scheme (Contractual Scheme) and the design of a tax regime for the fund. The consultation opens on 27 April 2023 and will close on 9 June 2023. Responses will inform the government’s next steps. Please submit your responses to UkFundsReview@hmtreasury.gov.uk.

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