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10 Oct 2011
A LONDON-BASED hedge fund is in a £32.5m dispute with HM Revenue & Customs over alleged unpaid National Insurance and PAYE payments.
The inquiry involving Cheyne Capital dates back seven years and involves £29.8m of PAYE and £5.5m of national insurance payments, the Daily Telegraph has reported. Cheyne has said it is appealing the rulings through the tax tribunal.
Further reading
Details of the inquiry were included in the company's 2010 accounts filed at Companies House.
Cheyne said: "We understand that HMRC is looking into a number of financial institutions with similar payment structures. Cheyne and our advisors are comfortable with our position and we believe the HMRC inquiry is without merit."
A HMRC spokesman said: "HMRC can't comment on individual cases, but there is no specific clampdown on hedge funds. Ensuring the right tax is paid at the right time is a fundamental HMRC responsibility."
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