•  
• Tweet
•  
•        Print
•  
•         Track Keywords
•  
• 

By Opalesque:

AIMA reacts to Supreme Court BlueCrest ruling

Following BlueCrest Capital Management losing nearly GBP200 million ($265 million) in a long battle ‌against Britain's tax authority, ending one of the most significant tax disputes in Britain's asset management industry, the Alternative Investment Management Association (AIMA) made a statement:

The UK Supreme Court has ruled in the BlueCrest case, clarifying how the Salaried Members rules apply. AIMA, which intervened in the case to address ongoing uncertainty affecting many of its members, welcomed the outcome.

Paul Hale, AIMA's Managing Director and Global Tax Policy Advisor, said BlueCrest would be disappointed by the ruling, but noted it offers the wider industry much-needed clarity, moving away from the Court of Appeal's narrower interpretation. He highlighted the judgment on Condition B (significant influence) as providing useful guidance that could help the industry and HMRC align on its application.

Hale added that AIMA intervened to help secure greater clarity for taxpayers, advisers, and HMRC, given the rules' broad impact across the membership. Source

Kirkland advises Wafra on final close of Constellation Generation V at $2bn