AS14: Government clamps down on asset manager 'income tax avoidance'

In the full Autumn Statement documents, released this afternoon following Chancellor George Osborne's speech to the House of Commons, the government said it will introduce new legislation to combat the issue. "The government will stop investment fund managers from disguising their guaranteed fee income as capital gains in order to avoid income tax," the documents read. Legislation will "ensure that sums which arise to investment fund managers for their services are charged to income tax." It will affect sums which arise to managers who have entered into arrangements involving part...