Tax clampdown hits UK hedge fund LLPs

Changes in UK taxation rules coupled with restrictions on employee remuneration in the AIFMD could lead to higher costs and some complications for hedge fund limited liability partnerships (LLPs)

Tax
UK tax authority targets LLPs with dire consequences for hedge funds

HM Revenue & Customs (HMRC), the UK tax authority, published a consultation document in late May focusing on two aspects of the taxation of partnerships and in particular limited liability partnerships (LLPs), one of the preferred structures for hedge fund management companies.

The two aspects covered are “disguised employment” and “profit and loss allocation schemes”.

The consultation is currently at the centre of discussions between the UK Treasury, HMRC, the Financial Conduct Authority (FCA)

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