The Alternative Investment Management Association (AIMA), the global hedge fund and alternative investment industry association, welcomes the release of the HMRC Revised Statement of Practice on the Investment Manager Exemption (IME).
The IME is vital to the UK hedge fund industry as it enables offshore funds to trade in the UK, in certain investments, through a UK-based investment manager and without the risk of UK taxation – allowing UK investment managers to be globally competitive. A key concern for managers has been to meet IME conditions as the hedge fund industry continues to develop new types of investment transactions and arrangements.
“AIMA considers the revisions as helpful for the continuing competitiveness of UK-based hedge fund management,” says Mary Richardson, Director of AIMA’s Regulatory Department. “HMRC has maintained close dialogue with the industry and has addressed many of its concerns.”
The revised SP has immediate effect. However, for those who must make changes to become compliant, the original SP may be applied until 31st December 2009.