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Travers Smith's Alternative Asset Management & Sustainability Insights

Travers Smith's Alternative Asset Management & Sustainability Insights


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Travers Smith's Alternative Insights: The UK budget and the competitiveness agenda

The British government's ambitions to use its new freedom to diverge from EU laws to give the UK a competitive edge have, inevitably, been delayed by the more urgent need to focus on COVID recovery.  Although the government is in the middle of a wide-ranging tax and legal review of the UK funds regime, many of the proposals are still at the discussion stage. As a result, the 2021 budget, and this week's widely anticipated "Tax Day" – a moment for the government to launch consultations on a wide range of reform proposals – were much less dramatic than they might have been for the private funds community. 

This relative lack of concrete announcements should not obscure the important discussions that are going on. Indeed, as our online checklist shows, there are many proposals being contemplated in the UK, as well as important EU reforms that will affect all European managers. But while many of the EU changes are imminent, a number of UK ones – some of which could be really important in the years to come – are still in the development phase.


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