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

‘Google tax’ nets HMRC £281m

Corporate Tax ‘Google tax’ nets HMRC £281m

3m Emma Smith, Managing Editor
OTS report: Corporation tax should follow accounts

Corporate Tax OTS report: Corporation tax should follow accounts

5m Alia Shoaib, Reporter
HMRC tax evasion assistance requests double in five years

Corporate Tax HMRC tax evasion assistance requests double in five years

5m Emma Smith, Managing Editor
Spring Budget 2017: Making Tax Digital

Business Regulation Spring Budget 2017: Making Tax Digital

9m Shereen Ali, Deputy Editor
Tax fraud loses HMRC £16bn

Corporate Tax Tax fraud loses HMRC £16bn

10m 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

11m Accountancy Age editorial
Tax crackdown brings in £468m for HMRC

Corporate Tax Tax crackdown brings in £468m for HMRC

11m Accountancy Age editorial
Treasury Select Committee report released on Making Tax Digital

Accounting Standards Treasury Select Committee report released on Making Tax Digital

11m Stephanie Wix, Writer