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UK to reconsider tax rules for asset managers in 2018

The U.K. government has outlined proposals to support the country's asset management industry, including changing the tax treatment of short-term business visitors.

Asset managers are concerned about how Britain's vote to leave the EU will impact their business.

One problem is the tax treatment of employees of foreign branches of U.K. companies, who must pay tax on earnings generated during short visits to Britain. Employees of foreign companies working short periods in Britain do not face U.K. income tax even if they are paid by the U.K. arm of their employer.

In a strategy paper, the government said it would look into changing this system in 2018, saying the current rules are "an administrative burden" for U.K. companies.

The paper also stressed the need to attract foreign asset managers to establish operations in the U.K., and to help domestic firms adopt "green" investment strategies.

It also included a commitment from government to deepen the talent pool for the asset management industry by building centers of excellence at universities.