Financial Services Industry
Industry: Email Alert RSS FeedNews: IME changes cause concern.
Pensions Management, February, 2007
Byline: Antoinette Odoi
HEDGE FUNDS
The Alternative Investment Management Association (AIMA) has voiced concerns about impending changes to the UK's investment manager exemption (IME), warning its abolition could cause an exodus of hedge fund managers and a significant loss of business for the UK.
The IME effectively provides offshore hedge funds managed from the UK to be largely exempt from UK taxation and thus maintain global competitiveness.
Chairman of AIMA's tax committee, Neil Oliver, said: "The reality is that while some fund managers may like to live in London, they could work as effectively from other locations in Europe."
He concluded: "There is a real danger that this could quickly escalate into a significant...
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