Stephen Pevsner and Laura Charkin (King & Wood Mallesons) consider the new rules for fund managers
Finance Act 2015 s 21 has introduced ITA 2007 Part 13 Chapter 5E which applies to ‘disguised fees’ arising to individuals providing investment management services on or after 6 April 2015. Alongside the new legislation HMRC published a technical note on 25 March (dated 29 March 2015) providing guidance on the rules (the ‘guidance’). This article considers the detail of the new rules and the explanation set out in the guidance.
The government sprung a surprise on the fund investment management sector in December’s Autumn Statement when it announced the proposed introduction of rules intended to ‘ensure that sums which arise...
