03 Mar 2021

The regulations introducing portfolio exemption from UKNRCG were laid before the parliament on 2 March.

The regulations come into force from 24 March 2021 and certain amendments including portfolio exemption for overseas life insurance companies and offshore CIVs have effect in relation to disposals made on or after 6 April 2019.

Notably, there have been quite a few drafting changes from the previous draft that was consulted on in autumn last year, including revisions to the portfolio exemption and clarifications to paragraph 21.  AREF’s Tax Committee are reviewing these.


Anshita Joshi

Anshita Joshi

Tax Advisor, AREF

Anshita Joshi is the Tax Advisor at AREF and is responsible for developing and leading AREF’s tax agenda on issues relating to corporate and fund tax matters including VAT and withholding taxes. Anshita has over 15 years of experience in dealing with investment management tax matters, having previously at PwC as a Senior Manager in the asset management tax team.