The free movement of people, goods and services between the UK and EU ended on January 1, 2021. In Funds Europe, the New City Initiative re-iterated its call for a UK cross-border fund structure to rival those of Luxembourg and Ireland.
The post-Brexit UK fund - as well as creating jobs not only in the City, but also in the UK regions - could even facilitate the onshoring of more asset servicing roles that have traditionally gone to Luxembourg and Ireland, says Nick Mottram, chairman of New City Initiative, which is a ‘think tank’ focusing on financial regulation.
In an ‘Association Column’ article in the December issue of Funds Europe, Mottram writes: “Strategic tax incentives can also play a role. This might include exemptions for non-UK investors from paying UK tax on investments, something which could stimulate foreign investment in the UK’s asset management firms and promote further employment in the financial services industry – particularly outside of London.”
*Read the Association Column here:
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