FT Ignites Europe quotes Helen Coward on portfolio manager bonuses
In an article for FT Ignites Europe, Helen Coward, Partner, comments on portfolio manager bonuses. The bonuses are under the spotlight after an investigation in the UK found that the rewards for individual performance are a form of tax avoidance.
“HMRC has had asset managers in their spotlight for some time now, with lots of legislative change and investigations into the tax affairs of asset management. This latest decision is on some of that new legislation and will be welcome to taxpayers, though HMRC is expected to appeal. The judge’s decision as to whether the relevant members exercised “significant influence” over the LLP’s affairs (so that they were not treated as employees from a tax perspective) is at odds with HMRC’s current approach, which is stricter. Those in the industry will be watching the outcome of any appeals with interest.”
Read the full article in FT Ignites here (subscription required).