HM Treasury are
‘considering proposals to adapt the tax rules for ITCs to enable tax
efficient investment in a wider range of assets classes’. No details have
yet been published but it is expected to consider the proposals made by the
Association of Investment Companies (AIC) for optional streaming by
investment trusts. As with other developments the aim would be
to shift the tax burden to the investor rather than taxing the ITC itself.
The AIC suggested that other open ended funds could be included although the
industry has in the past resisted such developments.