Consultation outcome: Reserved Investor Fund
consultation
From:
HM Treasury
Published
27 April 2023
Last updated
6 March 2024 — See all updates
This consultation has concluded
Download the full outcome
Reserved Investor Fund -
Summary of Responses
Ref: ISBN 978-1-916693-09-8, 3327
PDF, 351
KB, 40 pages
Detail of outcome
This publication summarises the responses received from
stakeholders to the government’s consultation on the design and
scope of a tax regime for a new UK investment fund vehicle: the
Reserved Investor Fund (Contractual Scheme) (RIF) and confirms the intended
policy approach in the areas covered. The RIF is designed to
complement and enhance the UK’s existing funds regime by meeting
industry demand for a UK-based unauthorised contractual scheme
with lower costs and more flexibility than the existing
authorised contractual scheme. The RIF will be open to
professional and institutional investors.
The consultation ran from 27 April 2023 to 9 June 2023 and the
government is grateful for the responses received. Following
careful consideration of these responses, the government intends
to proceed with the RIF and will begin
legislating for the RIF in the Spring Finance
Bill 2024.
Original consultation Summary
This consultation is seeking views on the potential scope and
design of a tax regime for a new type of investment fund: the
Reserved Investor Fund (Contractual Scheme).
This consultation ran from
midday on 27 April 2023 to 11:59pm on 9 June
2023
Consultation description
In the response to the UK funds regime review call for input on
10 February 2022, the government committed to undertaking further
work to explore options for the introduction of a new fund
structure: an unauthorised contractual scheme. This proposed fund
type would be called the Reserved Investor Fund (Contractual
Scheme) for the purposes of this consultation, and would be
designed to complement and enhance the UK’s existing funds regime
by meeting industry demand for a UK-based unauthorised
contractual scheme with lower costs and more flexibility than the
existing authorised contractual scheme.
This consultation invites views on proposals for the scope of the
Reserved Investor Scheme (Contractual Scheme) and the design of a
tax regime for the fund. The consultation opens on 27 April 2023
and will close on 9 June 2023. Responses will inform the
government’s next steps. Please submit your responses
to UkFundsReview@hmtreasury.gov.uk.
Documents
Reserved Investor Fund
Consultation
PDF, 302
KB, 45 pages
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