Investment Trust Companies - The Success and Road Ahead
|
|
- Lionel Gibson
- 3 years ago
- Views:
Transcription
1 Tax briefing February 2011 Investment Trust Companies: A modernised onshore fund vehicle on the horizon Summary and implications In December 2010, HM Treasury published a summary of the responses they received in respect of their consultation on the reform of Investment Trust Companies (ITC s). We now have a much clearer idea of what the new ITC regime may look like. Originally announced as part of the 2010 Budget, the modernisation of ITC s is intended to reassert the UK as an attractive jurisdiction for establishing a close-ended fund vehicle in the face of sustained competition from offshore jurisdictions. Investment Trust Companies An ITC is a UK resident, listed company which is exempt from UK Corporation Tax on chargeable gains. This tax exemption makes it a potentially advantageous UK vehicle for pooled investment. However, in order to qualify for treatment as an ITC, a company must meet strict requirements laid down by statute. It has been widely felt that the scope and inflexibility of these requirements has acted as a deterrent to fund managers who have instead been attracted by the more generous regulatory and tax regimes of offshore investment funds. The Government has recognised the need to make the UK a more desirable place for the establishment of funds and is seeking to modernise the regime to make it more competitive. However, this progressive approach is tempered by the need to ensure that the changes do not pose a threat to the UK s overall tax take. HM Treasury set out its proposed reforms for the ITC regime in a consultation document published in July The responses received from the industry have narrowed the outstanding issues for implementation of the new regime. The key proposed reforms are as follows: Ask a question If you have any questions please contact either: Michael Cant, Head of Tax T +44 (0) m.cant@nabarro.com Daniel Kennedy, Associate T +44 (0) d.kennedy@nabarro.com The Tax team To find out more about the team, and our capabilities click here 1
2 Definition of close-ended investment fund The Government has proposed introducing a new characteristics-based definition of a closed-ended investment fund for UK tax purposes, which broadens the scope of the companies which can qualify to be an ITC. The new definition seeks to ensure that an investment company qualifies for the beneficial tax regime as long as: Its sole object is investing and managing pooled funds in property of any description; With a view to spreading risk. The new definition has been welcomed by the majority of respondents who were attracted by the flexibility and clarity of the definition. Related item: The Changing Shape of Real Estate Funds Investors in real estate funds are motivated by the prospect of enhanced returns on their investment, often as a result of being bale to access expert management skills and new markets and sectors. In the aftermath of the financial crisis and downturn in real estate markets, investors want to reshape and strengthen the industry. New application process for the ITC regime The current ITC tax regime requires a fund to apply for confirmation from HMRC at the end of the relevant accounting period that the beneficial ITC tax rules apply. This leads to uncertainty for investors in the fund and places an administrative burden on the fund s managers. The Government now proposes introducing a onceonly approval process, meaning that the ITC will obtain advance approval from HMRC to join the new tax regime and will remain within the regime unless it opts out or is removed for breach of the conditions. This will provide investors with much greater certainty compared with the current regime where there remains the risk of the tax exemption being retrospectively withdrawn. All respondents that commented on this point favoured an up-front application process, and many requested a legislative requirement that HMRC must provide a response within a set time period (e.g. 28 days). It was suggested that there should be automatic acceptance for those ITCs already approved under the previous regime. The current application process leads to uncertainty for investors and greater administrative costs for the fund. This will be replaced by a once-only approval process Conditions for the ITC regime To qualify as an ITC, the Government has proposed that the following five conditions must be met: a) An ITC must not be a close company Respondents to the consultation unanimously agreed that the Government should include an exception to this condition for close companies quoted on a recognised stock exchange. The Government appears to have been persuaded by the representations and it is therefore likely that the current definition of close companies in section 446 of the Corporation Tax Act 2010 will be used. b) An ITC must comply with the spread of risk test The current condition provides that the ITC must not have a holding in another company which represents more than 15 per cent by value of the ITC s total investments. 2
3 The Government proposes introducing a new purposive approach to establishing whether the ITC is sufficiently spreading its investment risks. It is generally thought that the current condition is too inflexible and has been a significant factor in new funds choosing to launch offshore. The new approach would be based heavily on Chapter 15 of the FSA listing rules and would require the ITC to have a published investment policy (which it would be required to follow) relating to: Asset allocation; Risk diversification; Gearing; and Details of maximum exposure. The vast majority of respondents welcomed the new approach, although concerns were raised as to how HMRC would approve the investment policy in practice. The new approach would enable ITCs to be established as feeder funds, subject to the master funds also meeting the spread of risk test. c) The securities of an ITC must be admitted to trading on a Regulated Market Currently, an ITC must be listed on the UK Official List. It is proposed that this condition will be broadened to include all securities that are admitted to trading on a regulated market. Regulated markets are those regulated under Title III of MiFID. This amendment is largely uncontroversial and most respondents accept it as necessary to comply with EU law. d) An ITC must not distribute its capital profits The Government proposed modernising the legislative wording used to prohibit the distribution of capital profits. Respondents generally welcomed the drafting changes on the proviso that the updating would not prevent share buy backs or tender offers. The Government has confirmed that it was not its intention to prohibit share buy backs or tender offers. e) An ITC must distribute at least 90 per cent of its revenue income The Government proposed replacing the existing distribution condition that an ITC must retain not more than 15 per cent of its annual income from shares and securities with a requirement that the ITC must retain not more than 10 per cent of all of its income. Nearly all the responses recommended retaining the 15 per cent reserved income test. This was on the basis that retaining reserves helped maintain dividend levels by enabling ITC s to smooth distributions during periods of volatility in the markets. The Government has taken these comments on board and it now appears likely that an ITC will be able to retain up to 15 per cent of its total income (not just its income from shares and securities). A new purposive test is proposed to ascertain whether an ITC is taking sufficient steps to spread the risk on its investments The Government has been persuaded to allow ITC s to retain up to 15 per cent of their annual income 3
4 White list of transactions The Government has also proposed the introduction of a white-list of transactions undertaken by ITC s which will always be considered to be investment transactions for tax purposes. These transactions will benefit from the Corporation Tax exemption on chargeable gains. In addition, these transactions will never be considered to be trading transactions for tax purposes and therefore will not taint the tax treatment of any other transactions carried out by the ITC. The white-list will include transactions undertaken by the ITC involving: Stocks, shares and securities; Loan relationships; Futures, options contracts for differences, swaps, warrants; Units in collective investment scheme; Buying and selling foreign currency; and Carbon emission credits The list will not include real estate transactions. Respondents strongly welcomed this proposal, in particular the greater certainty it provides as to how transactions undertaken by the ITC will be taxed. Most respondents considered that this would remove the precipice problem ; that one trading transaction undertaken by the ITC could taint the tax treatment of all other transactions undertaken by the ITC. Respondents requested that the legislation enables the white-list to be amended in future to respond to changes in market practice, although the Government has stated that it has no intention of revising the list. The introduction of a white list was strongly welcomed due to the increased certainty over how transactions will be taxed Next Steps The Government has published draft legislation in respect of the modernisation of the ITC s which can be found on the HM Treasury or the HM Revenue & Customs websites. However, the current draft legislation is very limited in scope. The next step is for the Government to issue the draft regulations. These are currently under development with industry stakeholders and it is expected that these will be published in draft form for comment during Spring It is anticipated that the new regime for Investment Trust Companies will come into force in late 2011 or early HM Treasury website To read the draft legislation please click here HMRC website To read the draft legislation please click here 4
5 London Lacon House, 84 Theobald's Road, London WC1X 8RW T +44 (0) F +44 (0) Sheffield 1 South Quay, Victoria Quays, Sheffield S2 5SY T +44 (0) F +44 (0) Brussels 209A Avenue Louise, 1050 Brussels, Belgium T F Singapore 50 Raffles Place, Singapore Land Tower, Singapore T Alliance firms France August & Debouzy Gilles August T +33 (0) Germany GSK Stockmann + Kollegen Rainer Stockmann T +49 (30) Italy Nunziante Magrone Gianmatteo Nunziante T Nabarro LLP Registered office: Lacon House, 84 Theobald's Road, London, WC1X 8RW. Nabarro LLP is a limited liability partnership registered in England and Wales (registered number OC334031). It is a law firm regulated by the Solicitors Regulation Authority. Legal services are provided in Singapore by the Singapore branch of Nabarro LLP. The branch is registered in Singapore under number T10FC0112B and is licensed by the Attorney-General's Chambers of Singapore. A list of members of Nabarro LLP is open to inspection at the above registered office. The term partner is used to refer to a member of Nabarro LLP or to any employee or consultant with equivalent standing or qualifications in one of Nabarro LLP's affiliated undertakings. Disclaimer Detailed specialist advice should be obtained before taking or refraining from any action as a result of the comments made in this publication, which are only intended as a brief introduction to the particular subject. This information is correct on the date of publication. We are not responsible for either the content of or the links to external websites that may become broken in the future. Nabarro LLP
Property authorised investment funds (PAIFs) where are we going?
Funds and Indirect Real Estate briefing May 2013 Property authorised investment funds (PAIFs) where are we going? Summary and implications The Government introduced tax breaks for UK property funds in
More informationRestructuring and insolvency Administration England
Restructuring and Insolvency briefing Spring 2012 Restructuring and insolvency Administration England Summary and implications Administration is a statutory rescue procedure for companies that are experiencing
More informationLeases to GP partnerships: symptoms of change, and immunisation for landlords
Real Estate briefing 14 February 2012 Leases to GP partnerships: symptoms of change, and immunisation for landlords Summary and implications With the demise of the primary care trusts and the emergence
More informationHow To Write A Debt For Equity Swap
Restructuring and insolvency briefing October 2009 Debt for equity swaps: an introduction Summary and implications Companies are often looking for ways to strengthen their balance sheet and reduce their
More informationFacilities management services
GUIDE Facilities management services A quick guide to getting the best for your estate The standard of facilities management (FM) services can significantly affect the general experience of occupiers and
More informationInternational employment and employers exposure to claims in the UK
Employment briefing August 2011 International employment and employers exposure to claims in the UK Summary and implications Welcome to the August edition of Nabarro s employment briefing. With one eye
More informationVoid and voidable transactions on insolvency
Restructuring and Insolvency briefing Spring 2012 Void and voidable transactions on insolvency Summary and implications When a company enters into a formal insolvency process, the administrator or liquidator
More informationSector focus: the legislative framework for NHS trust insolvency
Restructuring & Insolvency briefing May 2013 Sector focus: the legislative framework for NHS trust insolvency Summary and implications Many hospitals are facing insolvency as a result of a variety of complex
More informationNew planning rules in force from 30 May 2013 extend rights to change use without planning permission
Planning briefing 14 May 2013 New planning rules in force from 30 May 2013 extend rights to change use without planning permission Summary and implications The Government published legislation at the end
More informationGUIDE. Entrepreneurs. A guide to investment jargon
GUIDE Entrepreneurs A guide to investment jargon What does this guide cover? Angel investors, venture capital funds, accountants, lawyers and fundraisers use jargon. To anyone raising funds for the first
More informationFinancial Services. Financial communications post MiFID
BRIEFIG Financial Services Financial communications post MiFID This document looks at the rules on financial promotions and marketing communications following the introduction of MiFID. 1. ITRODUCTIO Sections
More informationNew UK Investment Trust Company Tax Regime - Final Regulations
Tax and investment funds e-bulletin Tax and investment funds e-bulletin 10 November 2011 New UK Investment Trust Company Tax Regime - Final Regulations The Investment Trust (Approved Company) (Tax) Regulations
More informationINVESTMENT TRUST COMPANIES: A TAX
1 INVESTMENT TRUST COMPANIES: A TAX FRAMEWORK Summary 1.1 Budget 2008 announced that the Government would consider adapting the tax rules for Investment Trust Companies to enable tax-efficient investment
More informationHow to qualify as a uk-reit
REITS REAL ESTATE INVESTMENT TRUSTS How to qualify as a uk-reit Chris Luck & Michael Cant, Nabarro LLP The UK-REIT regime The UK-REIT regime is set out in Part 4 of the Finance Act 2006 (as updated by
More informationLocal Government Pension Deregulatory Review
Pensions update Newsletter July 2007 HEADLINES Appeal against first financial support direction Court of Appeal ruling on winding up priorities Pensions deregulatory review Local Government pensions broad
More informationM&G HIGH INCOME INVESTMENT TRUST P.L.C
This document is issued by M&G Securities Limited as the alternative investment fund manager (AIFM) of M&G High Income Investment Trust PLC (the "Company") solely in order to make certain information available
More informationReal Estate update. Rebuilding after the riots. Tenant s fit-out works: whose risk? Whose insurance? page 5 The draft NPPF: what will it mean for
Real Estate update September 2011 Real Estate update Rebuilding after the riots page 2 Tenant s fit-out works: whose risk? Whose insurance? page 5 The draft NPPF: what will it mean for planning? page 7
More informationData Centres De-coding the issues
Data Centres De-coding the issues Nabarro s specialisms include: Banking & Finance Construction & Engineering Corporate Dispute Resolution Employment Environment EU, Competition and Trade Financial Services
More informationThe New German Investment Regulation (Anlageverordnung)
March 5, 2015 The New German Investment Regulation (Anlageverordnung) An update to the GSK Update of June 30, 2014 Executive Summary > Privileges for investments in private equity funds > Clarification
More informationSTANDARD LIFE INVESTMENTS PROPERTY INCOME TRUST LIMITED
This document is issued by Standard Life Investments Property Income Trust Limited (the "Company") and is made available by Standard Life Investments (Corporate Funds) Limited (the AIFM ) solely in order
More informationOffshore Funds. Should you be concerned by the proposed changes?
Offshore Funds Should you be concerned by the proposed changes? February 2009 Executive summary HM Treasury is currently nearing the end of its consultation process on amendments to the "offshore funds"
More informationThe Listing Rules REITS REAL ESTATE INVESTMENT TRUSTS. Chris Luck, Nabarro LLP. Property Investment from a wider perspective.
REITS REAL ESTATE INVESTMENT TRUSTS The Listing Rules Chris Luck, Nabarro LLP As at 1 April 2008, 18 companies have either converted to or have listed as UK-REITS. This article considers how to convert
More informationNOTE FROM THE EDITOR Nick Fothergill Partner, London Corporate Group
BRIEFING UK: CORPORATE OCTOBER 2015 THE SMALL BUSINESS, ENTERPRISE AND EMPLOYMENT ACT 2015 NEW ANNUAL SLAVERY STATEMENT FOR LARGE COMMERCIAL ORGANISATIONS NEW REPORTING REQUIREMENTS FOR MINING AND OIL
More informationBudget 2013 Summary Guide
Budget 2013 Summary Guide Contents Section 1: Introduction Section 2: Company/Business Tax IR35 Corporation Tax rate Capital allowances Company cars VAT measures Employment allowance Section 3: Personal
More informationEngland and Wales Treasury Shares Guide IBA Corporate and M&A Law Committee [2014]
England and Wales Treasury Shares Guide IBA Corporate and M&A Law Committee [2014] Contact Greg Scott, Partner Memery Crystal LLP gscott@memercrystal.com 1 Contents Page SCOPE OF THIS REPORT... 3 GENERAL
More informationIntroducing SIR/GVV: the new Belgian REIT status
Introducing SIR/GVV: the new Belgian REIT status July 2014 1 Disclaimer This presentation (the Presentation) has been prepared by members of the working group (the Company) in connection with the adoption
More information2015 Trends in UK Real Estate Pick n Mix
2015 Trends in UK Real Estate Pick n Mix As another year begins, a new and colourful picture of UK real estate is emerging. The clearest trend is diversification. There is a greater variety of investors
More informationReform of close company loans to participators rules
Reform of close company loans to participators rules Summary of Responses December 2013 1 Contents 1 Introduction 3 2 The consultation 4-5 3 Responses 6-18 4 Next steps 19 5 List of stakeholders consulted
More informationNew UK Premium and Standard Listing Regime.
March 2010 New UK Premium and Standard Listing Regime. The new premium and standard segments of the UK listing regime take effect on 6 April and the FSA has now published the final rule amendments needed
More informationMiFID II. Key interactions between MiFID/MiFIR II and other EU and US financial services legislation.
July 2012 MiFID II. Key interactions between MiFID/MiFIR II and other EU and US financial services legislation. Introduction MiFID is often described as the corner stone of financial services regulation
More informationRegulated Mortgages. March 2012
Regulated Mortgages March 2012 1 Introduction Since 31 October 2004, Regulated Mortgage Contracts have been subject to statutory control, supervised by the Financial Services Authority ("FSA"). Under Section
More informationNew FSA rules on disclosure of interests in UK companies
New FSA rules on disclosure of interests in UK companies The FSA s new rules on Disclosure of Contracts for Difference, which come into force on 1 June 2009, will considerably extend the scope of the disclosure
More informationHow To Make Money In Indonesia
Client Update An overview of the Indonesian insurance industry for foreign investors 21 February 2014 The Indonesian insurance market has attracted significant interest from international investors in
More informationOffshore funds. Important tax changes a summary. March 2010
Important tax changes a summary March 2010 1 Important tax changes - a summary Why should I read this briefing? This briefing summarises fundamental changes to the taxation of both offshore funds and investors
More informationEuropean Commission releases final report on business insurance sector inquiry
Insurance Update. European Commission releases final report on business insurance sector inquiry The Commission has published the final report of its competition inquiry into the business insurance sector.
More informationTransact Guide to Investment Risks
Integrated Financial Arrangements plc Transact Guide to Investment Risks Integrated Financial Arrangements plc A firm authorised and regulated by the Financial Conduct Authority INTRODUCTION Transact operates
More informationSpecial administration regime for payment and settlement systems: summary of responses
Special administration regime for payment and settlement systems: summary of responses November 2013 Special administration regime for payment and settlement systems: summary of responses November 2013
More informationSupplementary Information Document. The NFU Mutual Portfolio Investment Plan The NFU Mutual Stocks & Shares ISA
Supplementary Information Document The NFU Mutual Portfolio Investment Plan The NFU Mutual Stocks & Shares ISA Supplementary Information Document The NFU Mutual Portfolio Investment Plan The NFU Mutual
More informationSingapore Consults on OTC Derivatives Regulation.
February 2012 Singapore Consults on OTC Derivatives Regulation. On 13 February 2012, the Monetary Authority of Singapore ( MAS ) released its Consultation Paper on Proposed Regulation of OTC Derivatives
More informationInvestment Guide SIPP
2013 SIPP Investment Guide The Barnett Waddingham SIPP is defined by its ability to deal with all manner of allowable investments and by the personal service offered by our staff to business introducers
More informationBLACKSTONE ALTERNATIVE INVESTMENT FUNDS PLC. (the Company ) An umbrella fund with segregated liability between sub-funds, and its sub-fund
BLACKSTONE ALTERNATIVE INVESTMENT FUNDS PLC (the Company ) An umbrella fund with segregated liability between sub-funds, and its sub-fund (the Fund ) SUPPLEMENT FOR UNITED KINGDOM INVESTORS This Supplement
More informationRisk Warning for spread betting, February 2014 Version 01
RISK WARNING for spread betting This notice is provided to you in compliance with FCA requirements because you are proposing to undertake spread betting in the form of Spread Betting Products such as FX
More informationDeduction of income tax from interest: peer-topeer
Deduction of income tax from interest: peer-topeer lending Consultation document Publication date: 15 July 2015 Closing date for comments: 18 September 2015 Subject of this consultation: Scope of this
More informationThe Securities Financing Transactions Regulation
The Securities Financing Transactions Regulation Introduction Key requirements Scope Reuse requirements UCITS and AIF disclosure requirements Consequences of noncompliance Implementation timetable Introduction
More informationGUIDE TO PUBLIC OFFERING OF COMPANIES IN GUERNSEY, ISLE OF MAN AND JERSEY
GUIDE TO PUBLIC OFFERING OF COMPANIES IN GUERNSEY, ISLE OF MAN AND JERSEY CONTENTS PREFACE 1 1. Introduction 2 2. Why Choose Guernsey, Isle of Man or Jersey? 2 3. Company Incorporations, Migrations and
More informationSTRUCTURING A BUSINESS AS A LIMITED LIABILITY PARTNERSHIP (LLP)
STRUCTURING A BUSINESS AS A LIMITED LIABILITY PARTNERSHIP (LLP) CORPORATE LAW INTRODUCTION Partnerships have been used for many years as flexible business vehicles for enterprises, especially where they
More informationThe Scottish Investment Trust PLC
The Scottish Investment Trust PLC INVESTOR DISCLOSURE DOCUMENT This document is issued by SIT Savings Limited (the Manager ) as alternative investment fund manager for The Scottish Investment Trust PLC
More informationOutsourcing. FSA Regulated firms (including offshore outsourcing) Contents. March 2004
Outsourcing FSA Regulated firms (including offshore outsourcing) March 2004 Contents 2. Introduction 2. How do the regulations impact an outsourcing? 3. Prudential Sourcebooks 4. Service Level Agreements
More informationUnited Kingdom Taxation
United Kingdom Taxation FUNDS AND FUND MANAGEMENT 2010 3.1 Taxation of funds Authorized open-ended mutual funds in the United Kingdom are organized as authorized unit trusts (AUTs) or open-ended investment
More informationCORPORATE MEMBERS OF LIMITED LIABILITY PARTNERSHIPS
1. INTRODUCTION CORPORATE MEMBERS OF LIMITED LIABILITY PARTNERSHIPS 1.1 This note, prepared on behalf of the Company Law Committee of the City of London Law Society ( CLLS ), relates to BIS request for
More informationA Guide to the QFC. Collective Investment Schemes Regime
A Guide to the QFC Collective Investment Schemes Regime Disclaimer The goal of the Qatar Financial Centre Regulatory Authority (Regulatory Authority) in producing this document is to provide a guide to
More informationHong Kong Expands Existing Offshore Funds Tax Exemption to Benefit Private Equity Funds
Hong Kong Expands Existing Offshore Funds Tax Exemption to Benefit Private Equity Funds By Jeremy Leifer, Partner, Proskauer Rose, Hong Kong Introduction On 17 July, 2015 Hong Kong enacted legislation
More informationHong Kong IPO Sponsor Reforms.
December 2012 Hong Kong IPO Sponsor Reforms. Background The Securities and Futures Commission (the SFC ) published on 12 December 2012 its Consultation Conclusions on the Regulation of IPO Sponsors (the
More informationFinancial Services Tax Breakfast Briefings
Financial Services Tax Breakfast Briefings Current Tax Issues on Debt Funds and Shadow Banking Nick Cronkshaw Mark Sheiham 17 December 2014 Introduction What we re going to cover Background - growth and
More informationEXPLANATORY MEMORANDUM TO THE LIFE INSURANCE QUALIFYING POLICIES (STATEMENT AND REPORTING REQUIREMENTS) REGULATIONS 2013. 2013 No.
EXPLANATORY MEMORANDUM TO THE LIFE INSURANCE QUALIFYING POLICIES (STATEMENT AND REPORTING REQUIREMENTS) REGULATIONS 2013 2013 No. 1820 1. This explanatory memorandum has been prepared by Her Majesty s
More informationservices system Reports Act 1988 (Cth) Australia has a sophisticated and stable banking and financial services system.
FINANCIAL SERVICES Australia has a sophisticated and stable banking and financial services system Australia has a sophisticated and stable banking and financial services system. The banking system is prudentially
More informationSummary. Key business impacts. Key business impacts. Trading venues. Product intervention commodity derivatives
Key business impacts Trading venues Product intervention MiFID 2: commodity derivatives Summary The Markets in Financial Instruments Directive (MiFID) required member state implementation by 1 November
More informationSchedule of Allowable Investments
Schedule of Allowable Investments for the Suffolk Life MasterSIPP This document is part of a set, all of which should be read together. Key Features Your Personal Illustration Schedule of Fees Schedule
More informationBefore you accept the Terms and Conditions and engage in our Services, it is important that you read these Risk Warnings.
Important information Investment Risk Warnings Before you accept the Terms and Conditions and engage in our Services, it is important that you read these Risk Warnings. Definitions used in these Risk Warnings
More informationMiFID II: The New Investor Protection Regime
May 2014 Overview On 13 May 2014, the Council of the European Union formally endorsed a new regulatory regime that will replace the current Markets in Financial Instruments Directive ( MiFID ), which has
More informationGovernance in brief BIS and the FRC consult on options for UK implementation of the EU Audit Directive & Regulation
January 2015 Governance in brief BIS and the FRC consult on options for UK implementation of the EU Audit Directive & Regulation Headlines The UK will take the option to extend the mandatory auditor rotation
More informationRelaxation of PRC regulatory restrictions on cross-border security and guarantees
May 2014 Relaxation of PRC regulatory restrictions on cross-border security and guarantees 1 Introduction After much anticipation 1, SAFE has finally published the Regulation on Foreign Exchange Administration
More informationLeasing Commercial Premises
Leasing Commercial Premises We have prepared these notes for individuals, firms and companies who are thinking of leasing business premises. They are for general guidance only and do not contain specific
More informationAn introduction to European employment law for Japanese companies
Acquisitions issues to expect Employing staff in Europe An introduction to European employment law for Japanese companies For Japanese companies encountering the European employment law system for the
More informationEXCHANGE Traded Funds
EXCHANGE TRADED FUNDS EXCHANGE Traded Funds Guide to listing on the Cayman Islands Stock Exchange Contents Introduction... 3 What CSX has to offer... 4 The listing process... 6 Conditions for listing...
More informationMORTGAGE CREDIT DIRECTIVE: UK IMPLEMENTATION. Financial Regulation
MORTGAGE CREDIT DIRECTIVE: UK IMPLEMENTATION Financial Regulation Introduction HM Treasury and the Financial Conduct Authority (FCA) have published consultation papers on implementation of the EU Mortgage
More informationCompany distributions. Consultation document Publication date: 9 December 2015 Closing date for comments: 3 February 2016
Company distributions Consultation document Publication date: 9 December 2015 Closing date for comments: 3 February 2016 Subject of this consultation: Scope of this consultation: Who should read this:
More informationGUIDE TO INVESTING IN UK RESIDENTIAL PROPERTY
GUIDE TO INVESTING IN UK RESIDENTIAL PROPERTY 1 0 Ownership options Direct foreign ownership of UK properties is permitted under UK law. There are two main interests by which property can be held. Freehold
More informationInsurance and reinsurance news
Insurance and reinsurance news Insurance Mediation Directive 2 what it means for you Summary On 3 July 2012 the European Commission adopted a proposal to revise the Insurance Mediation Directive (IMD2)
More informationHot Topics in International Debt Capital Markets. Paul Browne Louis-Maël Cogis Jay Lee Enrico Leone Piers Summerfield
Hot Topics in International Debt Capital Markets Paul Browne Louis-Maël Cogis Jay Lee Enrico Leone Piers Summerfield October 2015 Who we are and what we will cover Introduction to the team Things we will
More informationAIFMD implementation in Germany: Draft Capital Investment Act revised Government draft addresses industry criticism
December 2012 AIFMD implementation in Germany: Draft Capital Investment Act revised Government draft addresses industry criticism Government draft of Capital Investment Act published On 12 December 2012,
More informationLong Term Incentive Plans and Deferred Bonus Plans
Long Term Incentive Plans and Deferred Bonus Plans Introduction Long Term Incentive Plans (LTIPs) (also sometimes referred to as "Performance Share Plans") are the most popular form of long term share
More informationA guide to managing foreign exchange risk
A guide to managing foreign exchange risk CPA Australia Ltd ( CPA Australia ) is one of the world s largest accounting bodies with more than 122,000 members of the financial, accounting and business profession
More informationDe-regulatory changes for Limited Liability Partnerships (LLPs) and Qualifying Partnerships
De-regulatory changes for Limited Liability Partnerships (LLPs) and Qualifying Partnerships Simplification of the financial reporting requirements for LLPs Introduction of a new micro-entity accounting
More informationNew short selling rules in the UK from 1 November 2012
Ashurst September 2012 Briefing New short selling rules in the UK from 1 November 2012 On 1 November 2012, the UK's existing short selling disclosure regime (as set out in FINMAR 2) will be abolished when
More informationNeed to know Financial Reporting Council issues FRS 103 Insurance Contracts
ukgaap: Beyond the detail Need to know Financial Reporting Council issues FRS 103 Insurance Contracts In a nutshell The Financial Reporting Council (FRC) has issued FRS 103 Insurance Contracts. The standard
More informationRESIDENTIAL LANDLORDS TAX INFORMATION
RESIDENTIAL LANDLORDS TAX INFORMATION The following notes are intended to provide a useful background for investors buying and letting individual residential properties. Independent advice, tailored to
More informationDraft FATCA Regulations. Submission from the Association of Investment Companies
Draft FATCA Regulations Submission from the Association of Investment Companies Overview The Association of Investment Companies (AIC) welcomes the opportunity to comment on the draft FATCA regulations.
More informationRESIDENTIAL LANDLORDS TAX INFORMATION
RESIDENTIAL LANDLORDS TAX INFORMATION The following notes are intended to provide a useful background for investors buying and letting individual residential properties. Independent advice, tailored to
More informationRisk Warning Notice. Introduction
First Equity Limited Salisbury House London Wall London EC2M 5QQ Tel 020 7374 2212 Fax 020 7374 2336 www.firstequity.ltd.uk Risk Warning Notice Introduction You should not invest in any investment product
More informationCONTENTS. Page. Important Information 3. Introduction to Alliance Trust PLC 5. Investment Policy & Strategy 7. Risk Management 11
INVESTOR DISCLOSURE DOCUMENT February 2016 This document is issued by Alliance Trust Investments (the AIFM ) solely in order to make certain particular information available to investors in Alliance Trust
More informationEnterprise Management Incentives ("EMI")
Enterprise Management Incentives ("EMI") Introduction The EMI is a tax qualified discretionary share option arrangement aimed at small growing companies to help them recruit and retain employees. The exercise
More informationInformation Technology. GSK. The Difference.
Information Technology. GSK. The Difference. Our Services. > Drafting IT contracts, particularly with respect to software development, sales and distribution, licensing and maintenance > Protection and
More informationReal Estate Investment Trusts
Real Estate Investment Trusts What are REITs? 1. REITs or Real Estate Investment Trusts to give them their full title are now common to many economies with a developed property market. Generally they are
More informationCayman Islands Companies: The Asia Connection
BERMUDA BRITISH VIRGIN ISLANDS CAYMAN ISLANDS CYPRUS DUBAI HONG KONG LONDON MAURITIUS MOSCOW SÃO PAULO SINGAPORE conyersdill.com December 2010 Cayman Islands Companies: The Asia Connection The Cayman Islands
More informationCORTEXFX. For Professional Clients Only
CORTEXFX For Professional Clients Only CORTEX CORTEXFX is BNP Paribas advanced multi-product FX trading platform CORTEXFX is BNP Paribas advanced multi-product FX trading platform. Employing cutting edge
More informationUK Tax Alert. Corporate Tax. 21 March 2013
21 March 2013 UK Tax Alert. On 20 March 2013, George Osborne delivered his fourth Budget speech. From a business tax perspective, there were not many major new announcements, the further cut in the main
More informationISA qualifying investments: consultation on including shares traded on small and medium-sized enterprise equity markets
ISA qualifying investments: consultation on including shares traded on small and medium-sized enterprise equity markets March 2013 ISA qualifying investments: consultation on including shares traded on
More informationCollective Investment Schemes
Collective Investment Schemes Collective Investment Schemes Introduction A collective investment scheme ( CIS ) is defined by law. According to section 235(1) of The Financial Services and Markets Act
More informationKey Points. Ref.:EBF_007865E. Brussels, 09 May 2014
Ref.:EBF_007865E Brussels, 09 May 2014 Launched in 1960, the European Banking Federation is the voice of the European banking sector from the European Union and European Free Trade Association countries.
More informationPrincipal risks and uncertainties
Principal risks and uncertainties Our risk management approach We have a well-established risk management methodology which we use throughout the business to allow us to identify and manage the principal
More informationUAE Investment Funds Regulation implemented
UAE Investment Funds Regulation implemented beginning of the end for the tolerated practice? 1 Briefing note August 2012 UAE Investment Funds Regulation implemented The UAE Securities and Commodities Authority
More informationFATCA Update Australian Superannuation Industry
May 2014 FATCA Update Australian Superannuation Industry Intergovernmental agreement signed with US, and draft enabling legislation released In welcome news for the Australian superannuation industry and
More informationAnson, Delaware LLCs and entity classification - Practical implications for investment managers and funds
September 2015 Anson, Delaware LLCs and entity classification - Practical implications for investment managers and funds Introduction In July 2015 the UK s highest authority court of appeal, the Supreme
More informationwww.davyfundservices.ie UCITS Platform
www.davyfundservices.ie Contents Section 1 1.1 Ireland as a Fund Domicile 1 1.2 About Davy Fund Services 1 Section 2 2.1 Why UCITS? 3 2.2 What can UCITS invest in? 4 2.3 4 2.4 Structure 5 2.5 Participating
More informationQUICK GUIDE TO ISAs 2014/2015
INDIVIDUAL SAVINGS ACCOUNTS 2014/2015 An Individual Savings Account (ISA) is not an investment in its own right rather it is a type of account that can be used to undertake tax-advantageous investment.
More informationCertification of claims and returns annual report 2013-14
Certification of claims and returns annual report 2013-14 Fareham Borough Council February 2015 Ernst & Young LLP Ernst & Young LLP 1 More London Place London SE1 2AF Tel: + 44 20 7951 2000 Fax: + 44 20
More informationEnglish UK VAT & Overseas Agents
English UK VAT & Overseas Agents Deloitte Contacts Simon Prinn, Partner Tel. 0118 322 2825 Jack Stoakes, Senior Manager Tel. 01293 761249 Charlotte McMillan, Assistant Manager Tel. 01293 761392 July 2012
More informationBaronsmead VCT 2 plc. Prospectus
Baronsmead VCT 2 plc (to be renamed Baronsmead Venture Trust plc) Prospectus Issue of up to 85 million New Shares in connection with the recommended proposals for the merger with Baronsmead VCT plc and
More informationIndividual Savings Account Supplementary Terms
Individual Savings Account Supplementary Terms Individual Savings Account Supplementary Terms and Conditions for Stocktrade Retail Clients forming part of the Agreement between Stocktrade (a division of
More information