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Article: Industry divided over offshore funds plans; Taxation system centre of consultations.(Brief Article)
- Article from:
- Money Management
- Article date:
- September 1, 2002
CopyrightCOPYRIGHT 2002 FT Business. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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There is everything left
to play for in the Inland Revenues consultation process over the future shape of the taxation system for offshore funds.
The deadline for responses to the Government document, published in April, passed with key industry voices opting for different solutions to the complex and expensive to administer system.
Fidelity Investments argued for the replacement of the existing system rather than reform, repeal or a policy of no change. IMA tax adviser Nathan Hall said, "All four were wanting in some respects so we came up with our own option. We would introduce gross roll up of onshore funds too so that theres no need for the ...