Hedge funds have urged the government to overturn its proposed changes to
The Alternative Investment Management Association
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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The firm says that the U-turn 'does not alter the need for a fundamental review of the way we tax work' and that the current tax system is in need of reform
Legislation on the NICs changes to be brought forward in the autumn following publication of 'the full effects of the changes to Class 2 and Class 4' in the summer