Tax of foreigners in UK to undergo sweeping changes

The British government is assessing ways to bring the UK into line with most other countries in the European Union in how foreigners living within the UK are treated for tax purposes.

The results of the government's deliberations could affect a large number of hedge fund investors, and even hedge fund managers who have moved to the UK and are not fully UK resident but may be resident in the Inland Revenue's eyes.

Presently, providing their overseas funds are not brought into the UK, foreigners a