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1st May 2016
In 2013, recent in the fund administration world, the British government introduced a legal structure that affords investors tax efficiencies found elsewhere but which is domiciled in the UK.
The so-called Authorised Contractual Schemes are tax transparent and extremely valuable for pension funds, which can benefit from the UK’s tax treaty network.
Not paying dividend-withholding tax on US equity holdings might sound trivial but for a pension fund investing over several decades it could make a huge difference to pensioners.
Even retail investors might benefit in time. The ability to pool pension money with insurance funds and retail funds could be so efficient that more progressive managers could pass on significant economies of scale to all their investors.
In a transparent age, the UK has all the tools it needs to build a fully integrated fund management industry, to capture all of its value and serve its clients better than anywhere else. It needs to seize that chance.
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