Hedge fund managers slate non-dom policy

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

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 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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