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Asset management Tax Transparent funds: Making assets work harder for owners and managers 28 Financial Services Research May 2016 The introduction of a UK Tax Transparent Fund (TTF) vehicle in 2013 has generated significant interest from both asset owners and asset managers under pressure to improve investment performance, reduce costs and respond to regulatory change. Here, Ed Turner, Head of Tax Product, and Andrew Melville, Senior Product Manager, HSBC Securities Services, explore why TTFs are being touted as a potential solution to these challenges Background The UK TTF was first introduced in July 2013. The UK Treasury stated that the purpose of these structures was to “ensure that the UK can compete as a fund domicile for tax transparent funds”. After a period of close consultation with the asset management, pensions and insurance industries, the Treasury introduced the Authorised Contractual Schemes (ACS), consisting of an Authorised Co-Ownership vehicle and an Authorised Limited Partnership structure. These vehicles were designed to provide flexible tax transparent pooling schemes, similar to those already in place elsewhere in Europe. Essentially TTF structures have no legal or tax personality. This generally means that income is taxed as if the underlying investors had held the assets directly. This allows, in principal, asset owners or managers to pool assets together in a tax neutral way. The European comparable funds include the Fondsen

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