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HMRC backtrack is ‘disappointing’

PwC asset management partner Robert Mellor comments on the partnership tax review for asset management firms…

The confirmation that the Government will take forward the proposals made at the Budget earlier this year could be seen by some as a blow for the asset management industry. It is disappointing that HMRC have backtracked from a consultative process and have decided to undertake the early introduction of elements of the partnerships taxation anti-avoidance legislation from today. This is a very complex area where HMRC received a huge amount of feedback during the consultation exercise, we hope that the legislation introduced today has taken account of the concerns raised during the consultation exercise. 

It seems a very short journey from the March Budget, where the Chancellor set out the Government's support for the asset management industry in the UK, to today's Autumn Statement which targets asset management firms structured as partnerships. A big concern is the extent to which HMRC have taken account of the global nature of the asset management industry and the importance to the UK asset management industry of US citizens and UK non-domiciled who work in the UK. The industry will be watching closely for the detail in next week's Finance Bill."

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