Capital gains tax regime in UK remains offputting

Capital gains tax cannot be applied at the fund level if UK onshore hedge funds are ever to become a reality, according to Britain's Investment Management Association (IMA).

The IMA is pushing for the Treasury to consider changes to the UK tax regime in its considerations to regulate hedge funds.

UK demand for retail hedge funds needs to be addressed but providers will not seek UK authorisation under the existing tax regime, said Julie Patterson, IMA's director of regulation and tax. Any discussi