Wealth management 'supported by predictable and consistent taxes'

Wealth management would be shored up by a "more predictable and consistent UK tax regime", according to one organisation.

The City of London's report, Taxation of the Financial Services Sector in the UK: Predictability and Competitiveness, has been welcomed by the Investment Management Association (IMA), which claims difficulty anticipating state levies has damaged the industry in recent years.

Julie Patterson, group director of authorised funds and tax, states an IMA survey supports this view, suggesting "increasing concern and unease" is affecting wealth management professionals and hampering financial services.

She concludes: "The Government must recognise there will be a steady decline in business activity (and hence in revenue flows) … if it does not address these concerns."

A stated aim of the report is to ensure the continuation of Britain as a desirable place for commercial activity and examine the role of policymakers in achieving this objective.  ADNFCR-2318-ID-800123642-ADNFCR