Closed consultation

Investment Management Exemption and Collective Investment Schemes: expanding the “white list”

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Feedback received

Investment Management Exemption and Collective Investment Schemes - expanding the 'white list' - Result of consultation

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Statutory Instruments 2014 No. Income Tax Corporation Tax - The Investment Transactions (Tax) Regulations 2014

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Corporation Tax Income Tax - The Investment Manager (Investment Transaction) Regulations 2014

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Detail of feedback received

Five responses were received from industry representatives, an accountancy firm and a firm of solicitors - all supportive of the measure. Comments were confined to minor suggestions relevant to drafting.

Draft regulations have been published for comment for a four week period.

Original consultation

This consultation ran from to

Summary

Consultation on proposals to expand the "white list" within secondary legislation governing the investment manager exemption, authorised investment funds, investment trust and offshore reporting funds.

Documents

Consultation description

The white list provides certainty that specified transactions will not be treated as trading activities and also acts to determine the types of investment transactions that may qualify for the investment manager exemption.

The Government announced at Budget 2013 that it would consult on proposals to expand the white list. HM Revenue & Customs (HMRC) are asking for views on the scope of the extension.

HMRC would like to hear in particular from tax practitioners, fund managers, representative bodies, administrators and other interested parties.