The Investment Management Exemption - New Statement of Practice Published

August 01, 2007

On 20 July 2007, the HMRC issued its long-awaited revised Statement of Practice 1/01 ("SP") on the "Treatment of Investment Managers and their Overseas Clients." The SP is of critical importance in helping to determine whether funds and other clients of UK investment managers (and investment managers themselves) will be liable for tax in relation to trades carried out in the UK through the agency of the investment manager as it provides guidance on how HMRC interprets the law on this issue in practice.

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