TaxCorporate TaxHedge fund in £32.5m PAYE dispute

Hedge fund in £32.5m PAYE dispute

Cheyne Capital handed bill by HMRC over PAYE and National Insurance payments

A LONDON-BASED hedge fund is in a £32.5m dispute with HM Revenue & Customs over alleged unpaid National Insurance and PAYE payments.

The inquiry involving Cheyne Capital dates back seven years and involves £29.8m of PAYE and £5.5m of national insurance payments, the Daily Telegraph has reported. Cheyne has said it is appealing the rulings through the tax tribunal.

Details of the inquiry were included in the company’s 2010 accounts filed at Companies House.

Cheyne said: “We understand that HMRC is looking into a number of financial institutions with similar payment structures. Cheyne and our advisors are comfortable with our position and we believe the HMRC inquiry is without merit.”

A HMRC spokesman said: “HMRC can’t comment on individual cases, but there is no specific clampdown on hedge funds. Ensuring the right tax is paid at the right time is a fundamental HMRC responsibility.”

Related Articles

Watch out when winding up

Corporate Tax Watch out when winding up

1m Emma Rawson, ATT Technical Officer
HMRC large business tax enquiry duration rises to 3 years

Corporate Tax HMRC large business tax enquiry duration rises to 3 years

4m Emma Smith, Managing Editor
‘Google tax’ nets HMRC £281m

Corporate Tax ‘Google tax’ nets HMRC £281m

8m Emma Smith, Managing Editor
OTS report: Corporation tax should follow accounts

Corporate Tax OTS report: Corporation tax should follow accounts

10m Alia Shoaib, Reporter
HMRC tax evasion assistance requests double in five years

Corporate Tax HMRC tax evasion assistance requests double in five years

11m Emma Smith, Managing Editor
Spring Budget 2017: Making Tax Digital

Business Regulation Spring Budget 2017: Making Tax Digital

1y Shereen Ali, Deputy Editor
Tax fraud loses HMRC £16bn

Corporate Tax Tax fraud loses HMRC £16bn

1y Emma Smith, Managing Editor
HMRC nets £2.6bn in corporate tax from big businesses

Corporate Tax HMRC nets £2.6bn in corporate tax from big businesses

1y Accountancy Age editorial