Revised Sorp guidelines will confer tax benefits
The Investment Management Association (IMA) has issued a revised Statement of Recommended Practice (Sorp), which provides clarity in derivatives accounting and its tax treatment within UK-authorised funds.
Because derivatives are now permissible for use within Ucits III funds, the IMA, as part of its responsibility as a Sorp-making body, updated existing practices to include more defined tax requirements for derivatives. Sorps are recommendations on accounting practices for specialised industries
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