In the 2009 Budget the Government announced that it would, together with the Charity Commission, consult on the future regulation of common investment funds (CIFs) and common deposit funds (CDFs). The policy aim is to move the regulation of these funds away from the Charity Commission and bring it more fully under the FSA, whilst preserving the existing UK tax regime.
On 30 July 2009, the Government published a consultation document which set out specific proposals to achieve this policy aim, the introduction of a new type of authorised investment fund (AIF), the charity AIF, which would be open to only charity investors. The consultation document sets out in overview the proposed regulatory and tax regime for the charity AIF, and asks a number of questions to help the Government assess the possible impacts on funds, managers and investors.
The deadline for responses to the consultation is 31 October 2009.
View HM Treasury - Charity pooled funds consultation, 30 July 2009