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Insight

Authorised Contractual Schemes - Update

The Government provided an update on the consultation process for the proposed new authorised contractual schemes (or tax transparent funds) on 29 June 2012.The Government invited comments on the The Government provided an update on the consultation process for the proposed new authorised contractual schemes (or tax transparent funds) on 29 June 2012.

The Government invited comments on the statutory instruments through which a tax transparent fund (TTF) will be legislated for in the UK. The consultation paper published in January 2012 also set out the proposed regulatory implications and the treatment by HMRC of the TTFs vehicle.

HM Treasury received a large number of responses and reports that it has made significant changes to the draft regulations to take account of issues raised in the consultation.

A revised draft of the regulations (both tax and regulatory) can be expected by the end of July, with a further short period of consultation.

The Government intends the new structures to be available by the end of the year.

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