UK tax transparent funds: Five years on from the first launch

International Tax Review is part of Legal Benchmarking Limited, 1-2 Paris Garden, London, SE1 8ND

Copyright © Legal Benchmarking Limited and its affiliated companies 2026

Accessibility | Terms of Use | Privacy Policy | Modern Slavery Statement

UK tax transparent funds: Five years on from the first launch

transparency-630.jpg

Five years after the launch of the first UK authorised contractual scheme (ACS) – also known as the UK tax transparent fund (UK TTF) – in 2014, there are 22 UK TTFs in the market, with 172 sub-funds amounting to billions of assets under management. Mariano Giralt, Christopher Mitchell and Gildine Cassou look at the scheme’s impact.

Unlock this content.

The content you are trying to view is exclusive to our subscribers.

To unlock this content:

Take a Free Trial or Login
more across site & shared bottom lb ros

More from across our site

The recent spree of firm mergers and acquisitions proves that geographic scale is the name of the game
The big four spin-off firm becomes Taxand’s second UK member; in other news, Haynes Boone launched a UK tax practice
Stephanie Pantelidaki’s economic expertise will give Norton Rose Fulbright’s other teams ‘extra firepower,’ she says
Mada has opened simultaneously in Paris and Dubai with an eight-lawyer team from Trinity International
PwC will continue to provide indirect tax services as part of the deal; in other news, the CJEU addressed the VAT treatment of TP adjustments
The arrival of Renan Ozturk and his team from A&M Tax introduces a unique proposition within the Middle East legal market, the firm said
The deal, reportedly worth $400m, will add Svalner Atlas’s 50-partner Nordic and Benelux presence to Ryan’s rapidly growing global footprint
The combined firm, which comprises over 1,400 lawyers, will boast robust tax practices in both the UK and US
Cascading tax reform, bullish foreign investment and vigorous TP audits have made Italy’s tax advisory market dynamic and stiffly competitive
As ITR data reveals that 2025 saw more than double the amount of private client hires than 2024, it seems firms are jostling for position
Gift this article