Hedge funds have urged the government to overturn its proposed changes to taxing non-doms.

The Alternative Investment Management Association (AIMI) has written a letter to HM Treasury claiming the new non-dom arrangements will lead to an overall reduction in UK tax revenues as hedge fund managers relocate to other countries.

According to tax-news.com 77% of hedge find managers who took part in an AIMI survey confirmed that more than ha

lf their employees were non-doms. Around 60% of those who participated in the research said they would be affected.

‘Unfortunately, we believe that the proposed measures will cause these key people to re-assess their positions and potentially migrate to more favourable jurisdictions over the next 18 months or so. We urge HM Treasury to reconsider the measures and potential impact carefully and comprehensively,’ AIMI deputy chief executive Andrew Baker is reported saying.

Tax experts await Alistair Darling’s first full Budget next week to see if any change will be made to non-dom policy.

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