Other stories: Exit tax may prompt exodus
Some of Britains highest earners operate in the hedge fund industry, which has grown to a $500bn (£315bn) business with over 6,000 funds.
Crispin Odey, of Odey Asset Management, believes it is a case of the Revenue desperate to claw some cash back. He is reported as saying that the government is keen to maximise tax income and that hedge fund tax is one target.
Stephen Camm, director of tax investigation at PricewaterhouseCoopers, said he would be surprised if there was not at least a dozen managers under investigation.
The Revenue is reported to have confirmed the investigation.
Does Darwin's theory apply to taxation? Colin ponders...
The UK tax gap fell in 2014-15 to its lowest-ever level of 6.5%, revealed official statistics published today
Changes to the tax system is urged to support the growth of entrepreneurs, found a report from the Grant Thornton UK, the Institute of Directors, and the Prelude Group
The EC has been instructed to draft a European Union (EU) directive authorising an EU financial transaction tax, which would apply to ten of the EU’s 28 member states