Laura Charkin and Stephen Pevsner (King & Wood Mallesons) review the rules in the draft Finance Bill 2015
The new rules announced in the Autumn Statement are intended to ‘ensure that sums which arise to investment managers for their services are charged to income tax’. They are specifically not intended to affect sums ‘linked to performance often described as “carried interest” nor returns which are exclusively from investments by partners’. As we discuss below the framing of these ‘exclusions’ in the draft legislation is causing much debate and some concern in the fund management industry.
The new rules are intended to make sure that individuals who...
