UK decides not to proceed with tax on Gulf SWFs

The UK’s investment minister has highlighted the recent decision to scrap plans to impose a tax on Gulf sovereign wealth funds (SWFs) investing in the country as evidence of the importance the British government places on the region.  ”Collaborative relationships with Gulf sovereign wealth funds are very important to the UK and our decision not to tax them has sent a very powerful signal around the world of the value that we place on our partnership with these pools of capital,” said Lord Dominic Johnson, minister of Investment in UK’s Department for Business and Trade. The plans were abandoned after a government-led consultation led to cabinet warnings that the move would hit inward investment. Johnson also ruled out the possibility that any such tax could be reinstated in the future.

Read the original article in Zawya: New UK Minister of Investment scraps proposed taxes for Gulf sovereign wealth funds