There has been an increase in the tax rates applicable to payments arising on chargeable events in relation to investment undertakings by 3%, with effect from 1 January 2012. Where the chargeable event is a distribution and if such distribution payments are made to investors annually or at more frequent intervals, the rate of investment undertaking tax is now 30% (previously 27%). For all other chargeable events, the rate of investment undertaking tax is now 33% (previously 30%).
When the next update of an existing prospectus takes place (either by way of addendum/supplement or by issuing a revised prospectus), the new tax rates and any other necessary updates should be reflected.
