TOFA for Managed Funds
4 September 2009
The regime for taxing financial arrangements (‘TOFA’) was passed by Parliament earlier this year and is now accessible to taxpayers who wish to ‘go early’ – that is, before the mandatory start date of 1 July 2010. TOFA can affect both the investments made in the managed funds sector and the financing of those investments, but just how – and how much – activity in the funds management sector will be affected is neither obvious nor straightforward. This Tax Brief examines some of the issues that the TOFA regime will present for managed funds such as domestic and international cash and bond funds, share funds and property trusts. For our full Tax Brief - click here