Promoting the UK Funds Industry as "Best in Class"
Bradley Phillips, Michael Alliston, Nigel Farr, Scott Cochrane, Thiha Tun and Tim West
Herbert Smith Freehills LLP
The Chancellor's Budget rhetoric emphasised the UK's commitment to being a world leader in the asset management sector: the Chancellor stating that "in places like Edinburgh and London, we have a world beating asset management industry. But they are losing business to other places in Europe. We act now with a package of measures to reverse this decline".
The Chancellor emphasised the abolition of the SDRT charge on surrenders of interests in unit trusts and OEICs, and beyond this there was a package of other (generally positive) consultations and changes to improve the competitiveness of the UK funds sector. It is clear that while the Government has made significant strides in recent years in developing the UK fund industry's offering, it acknowledges that there is still work to be done.