UK GAAP changes could hurt off-shore fund managers

Fund managers could be hit with higher tax for offshore accounts under
proposed UK accounting changes.

The Investment Management Association (IMA) believes proposed changes could
increase the cost of operating funds,
Adviser reports

“With tax returns on offshore funds, we take the view that, however you ask
for your return, if they can convert that return into the figures we have under
the Sorp, then they will get the tax under (Statement of Recommended Practice),
” said Mark Sherwin, senior adviser for financial reporting at the IMA.

Read the full story:
bodies raise concerns on accounting

Further reading:
sounds death knell for UK GAAP

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