On 9 June 2023, AIMA responded to the HM Treasury and HM Revenue & Customs consultation concerning the proposed reserved investor fund. The letter welcomes the proposal in the consultation paper for an unauthorised contractual scheme suited to the requirements of professional or sophisticated investors.

The letter also suggests extension of The Investment Transactions (Tax) Regulations 2014 to the RIF(CS) to provide certainty that the fund would not be regarded as trading for tax purposes and revision of the ‘easement’ in relation to the VAT treatment of persons trading overseas securities.

For further information please contact Paul Hale.