Non-retail funds will be ˜strangled' without tax exemption

Inland Revenue will 'strangle at birth' proposals for onshore regulated non-retail hedge funds if it fails to grant a tax exemption on trading income for the funds, according to a London lawyer.

Martin Cornick, partner at Macfarlanes, said Inland Revenue will most probably say it will tax the onshore funds in the same way it taxes other regulated funds: 'So they will exempt from paying tax on gains within the fund,' he said.

Inland Revenue is to rule on taxing onshore UK regulated quasi-hedge fun

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