Alternative Investment Management Association
30 March 2007
London, 30 March 2007: The Alternative Investment Management Association (AIMA), the leading global hedge fund and alternative investment industry association, welcomed the HMRC response in their consultation exercise on changes to the Investment Manager Exemption (IME).
The IME plays an important role in the UK hedge fund industry as it enables offshore funds trading in the UK in certain investments and with a UK investment manager to be largely exempt from UK taxation - which in turn allows UK investment managers to be globally competitive. A key concern of managers has been certainty that they meet IME conditions and the HMRC is now taking steps to address that concern.
Key points are:
Commenting on the new proposals, AIMA’s Director, Mary Richardson said, “AIMA considers these proposals as generally most encouraging. HMRC have clearly taken the industry’s views into account and are now taking steps to address important concerns raised. AIMA looks forward to the revised draft Statement of Practice, due by 30 June 2007, and will continue its dialogue with HMRC as the revised SP takes shape.”
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For further information, please contact Eoin Brophy, Hume Brophy Communications on +44 (0)20 7499 8736.
1. About AIMA
As the only truly representative global hedge fund association, AIMA, the Alternative Investment Management Association, has over 1,100 corporate members worldwide, based in 46 countries.
Members include leading hedge fund managers, fund of hedge funds managers, prime brokers, legal and accounting services and fund administrators. They all benefit from AIMA’s active influence in policy development, its leadership in industry initiatives, including education and sound practice manuals and its excellent reputation with regulators, worldwide.
AIMA is a dynamic organisation that reflects its membership’s interests and provides them with a vibrant global network.
AIMA is committed to developing industry skills and education standards and is a co-founder of the Chartered Alternative Investment Analyst designation (CAIA) – the industry’s first and only specialised educational standard for alternative investment specialists. For further information, please visit AIMA’s website www.aima.org