In the past two years, HMRC have introduced various new rules in an attempt to tighten the tax regime applicable to investment funds and their UK-based fund management executives and service providers. The new rules broadly seek to tax any amounts arising to fund managers from the collective investment scheme funds they manage as fee income (with a top tax rate of 45%), regardless of the underlying nature of those amounts at fund level. There are two key exceptions: Amounts which are performance related (carried interest) and Amounts arising through genuine investments made by managers on arm’s length terms (Co-investment) Carried interest and self-funded profits will continue to be taxed un
Silk Trading Route between China and India
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