US state and local tax considerations for EMEIA asset managers


In recent years, several US states have updated their tax legislation in a growing trend toward economic presence and a "market-based sourcing" approach to receipts. For a UK (or other non-US) asset manager, this may result in a state tax return filing requirement and potential state tax liability due to the receipt of management or performance fees from investors resident in those states.

Notably, this state tax exposure may exist even if the asset manager has no other connection with that state and even if they do not have a US federal tax presence.

AIMA and EY are pleased to invite you to a webcast on this topic on Thursday, 21 September at 15:00 BST / 10:00 EDT.

EY State & Local tax subject matter professionals will provide an overview of the US state tax rules in conjunction with recent legislative updates and discuss the potential impact on UK asset managers.


In particular, we will be discussing the following topics:

  • The growing trend toward economic presence and market-based sourcing
  • "Who is the customer?" - understanding the various approaches in applying market-based sourcing rules
  • Examples of how specific states are expected to apply these rules to non-US asset managers
  • Recommended actions to address potential state and local tax exposure for your business
  • The latest updates with California, New York, and Washington

The webcast will be complete with a Q&A session with our panel of subject matter specialists.

Click here to register for the webinar

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