Daniel Lewin Quoted in PLC Tax Article on Leading Tax Practitioners' Views on the March 2010 Budget

March 25, 2010

Daniel Lewin, Partner in the Tax Department, was quoted in the March 25, 2010 issue of PLC Tax, the U.K.’s leading tax news publication, in an article titled “March 2010: When is a Budget not a Budget?” The article asked the U.K.’s leading tax practitioners what they saw as the key points of interest for business in the March 2010 Budget. Mr. Lewin commented that “[t]he fairly tame nature of the pre-election Budget makes it comparatively welcome for the investment funds industry from the point of view that there were no further adverse surprises on tax rates; the real question is what measures we will see in the Post-Election Budget of whichever party will be in power. Also, notwithstanding great effort on the part of HMRC to improve the attractiveness of the UK funds tax regime over the last few years (including yesterday’s announcement to consult on the introduction of a new tax transparent fund vehicle), the damage that has been done to the UK alternative investment funds industry through the non-dom changes and the tax rates affecting the managers is now starting to show its effects by managers increasingly looking to other jurisdictions in which to base their operations.”

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