UK's private wealth funds market 'is competitive'

Recent legislative changes have helped the UK become a competitive domicile for those looking to invest their private wealth in tax-efficient funds.

This is the opinion of director of authorised funds and tax at the Investment Management Association (IMA) Julie Patterson, who said ’significant changes to legislation’ have helped make the tax regime in the country less complicated.

Speaking at the Global Financial Services Centre Conference in Dublin yesterday (April 28th), she explained concerns regarding consultation, trust and understanding in the funds industry has now been removed.

’There is a new dialogue with and approach to the industry by government officials, with open consultation and a refocusing of expertise into dedicated policy and operational teams,’ she remarked, adding private banks that have been discussing the alterations with officials over the past 12 months have commented on then favourably.

The IMA oversees the £3,000 billion asset management industry in the UK and aims to promote high standards within the sector. ADNFCR-2318-ID-19750187-ADNFCR