tax and jurisdiction
The Inland Revenue is targeting the personal income of hedge fund managers for possible tax evasion.
Several hedge fund managers are already under investigation by the Revenue's special Compliance Offices in London and Manchester.
The investigation has been undertaken due to a perception there is a vast amount of wealth within the hedge fund industry and due to its complexity, according to Stephen Camm, director of the tax investigation department at PricewaterhouseCoopers.
The Revenue is not interested in hedge fund investors but the managers themselves and the corporate structure of the funds, he said.
'The fact that a firm is under investigation is a costly and stressful experience.'
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Last commission convened in 2002