The Inland Revenue is targeting the personal income of hedge fund managers for possible tax evasion.
Several hedge fund managers are already under investigation by the Revenue's special Compliance Offices in London and Manchester.
The investigation has been undertaken because of a perception there is a vast amount of wealth within the hedge fund industry and because of its complexity, according to Stephen Camm, director of the tax investigation department at PricewaterhouseCoopers.
The Revenue is
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