UK funds regime consultation: Macfarlanes' response

04 May 2021

We welcome the opportunity to comment on the Treasury’s review of the UK funds regime.

We are very encouraged by the Government’s desire to ensure that the UK remains a world-leading location for asset management and with an industry that can serve investors’ diverse needs. 

There are three policy areas that we deem to be most impactful in terms of their potential to improve the attractiveness of the UK’s funds regime.

  1. First, we deem that a series of incremental changes to the UK’s Private Fund Limited Partnership regime would yield benefits to investors and managers.
  2. Second, we believe that the Long Term Asset Fund has the potential to be a game-changing new vehicle if certain aspects of the policy are successfully addressed at the outset.
  3. Finally, in respect of tax, post-Brexit there is a significant opportunity to remove the distortive effect VAT has on the operation of asset management businesses.

View our full response


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