The Government also confirmed it has made plans to make changes to the tax system to make the UK a more attractive location for asset holding companies (AHCs), which are used by certain types of funds.

A response to the second stage AHCs consultation, which sets out the details of the proposed regime, has been published, as well as draft legislation.

Additionally, the Government is “also delivering on its commitment to help protect UK taxpayers through clamping down on promoters of tax avoidance schemes.”

The package of measures announced today will be legislated for in the next Finance Bill for 2021/22.