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PwC Explores Osborne's Autumn Statement Options

by Robert Lee,, London

03 December 2013

Accountancy firm PwC has urged Chancellor George Osborne to clarify the global practical implications of a review into the taxation of UK partnerships.

HM Revenue and Customs (HMRC) has been working closely with the financial services industry and a variety of governing bodies on the review, which was announced by Osborne in his 2013 Budget. PwC anticipates follow-up proposals from the Chancellor in his Autumn Statement speech this week.

PwC's concern is that HMRC's efforts have been focussed locally, and that the Department has failed to take any more global impacts into consideration. Robert Mellor, PwC's UK Alternatives Leader, explained: "What we have seen so far, through the partnership Condoc [the consultation document], is a focus on levelling the playing field for fund businesses run through a partnership versus those using a corporation.

"However, to date the Condoc has been a purely theoretical process, and what we need to see from now on, especially given the expected April 5, 2014 commencement date, is some thought-out consideration to the practical side of the proposed changes - how these can be implemented and how these will affect firms, both in the UK and overseas."

Lachlan Roos, PwC's UK tax hedge fund leader, added: "There are currently areas which in practice may well not work for everyone, for example the suggested use of a nominal tax credit for individual tax payers on vested deferred income. It will be interesting to see whether HMRC have taken industry concerns on board.

"If we are truly open for business, and [Osborne] wishes to build London as an asset management center, then the proposed legislation must not undermine London as a competitive location."

Osborne will deliver the Autumn Statement on December 5.

TAGS: tax | business | tax incentives | interest | revenue guidance | law | financial services | hedge funds | United Kingdom | legislation | tax planning | revenue statistics | tax reform | services

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