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<p>The Government’s aim is for a tax regime that supports the competitiveness of the
UK as a financial services centre while ensuring it makes a fair contribution to the
funding of public services.</p><p> </p><p>The Government has recently taken a number
of steps in support of that aim. This includes: a consultation on the UK tax treatment
of funds; the development of a new tax regime for asset holding companies in alternative
fund structures; a review on the VAT treatment of fund management fees and working
group to consider the case for a wider financial services supplies; and, a review
of the bank surcharge to ensure that the combined rate of tax on bank profit remains
competitive in light of the increase in the corporation tax rate.</p><p> </p><p>On
attracting inward investment, the National Security and Investment Act will provide
businesses with more certainty that they will not be targeted by hostile actors, ensuring
the UK remains the premier investment destination in the world.</p><p> </p><p>The
Government is committed to ensuring investors understand the National Security and
Investment Act, including what it requires from them, what it offers them, and how
they can engage with the government for more information. In July 2021, the Government
published an outline of the provisions of the National Security and Investment Act
and guidance on a range of issues, and ahead of the January 2022 full commencement
of the Act, will publish further guidance on how to submit a notification form, how
sensitive data will be handled, interim orders and final orders, and notifiable acquisitions.
Within six months of the Act’s full commencement, Government will provide market guidance
notes to further aid interaction and compliance.</p><p> </p><p>The Government is also
actively engaging interested stakeholders, including businesses and investors, to
develop their understanding of the Act.</p><p> </p>
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