UK not to follow through on taxing sovereign wealth funds

A government document revealed that the UK Chancellor of the Exchequer, Jeremy Hunt, had decided not to follow through on a plan to tax sovereign wealth funds in the UK. According to a British Financial Times document published Friday, the government had “carefully” studied the responses to its consultations regarding the immunity of sovereign funds from direct taxation, noting that Hunt decided not to make a change to the current exemption and that it would work in the same way as it used to be. Business and Trade Secretary Kimmy Badenock had urged the Treasury to drop the proposals, fearing that sovereign funds would pull out their investments, according to the report.

Source: Jordan News Agency

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