Hedge funds slated over tax evasion

Hedge funds slated over tax evasion

Senior hedge fund figure says use of dual contracts to pay City workers amounts to tax evasion

A senior London hedge fund manger has accused certain rivals of blatant tax
evasion by using dual contracts for payment.

Nick
Carn
, investment director at
Odey Asset
Management
, said some City employees were abusing the UK’s
non-domiciled rules by taking their pay using dual contracts.

‘That is not something we do and we’d consider it to be tax evasion,’ Carn
was quoted as saying in
the Times
.

Dual contracts allow a non-domiciled UK resident to be paid for UK work under
one contract and work abroad, which is not taxed, on a separate contract.

‘There’s no doubt that this is a hot issue,’ Carn said.

Further reading:

Government website promotes UK as ‘tax haven’

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