Saturday, 28 November 2015
Last updated 1 day ago
Mar 26 2013 | 12:45pm ET
It is unclear whether British Chancellor of the Exchequer George Osborne's plan to cut the price of a pint of beer by a penny will do much to cheer the average recession-weary Briton, but some other aspects of his budget, unveiled last week, will do a great deal to cheer the U.K.'s hedge fund managers.
The proposed budget both cuts the top tax rate and does away with a levy on asset managers. Ending the latter, the stamp duty reserve tax, is estimated to save hedge funds and other money managers a total of £145 million per year.
The stamp duty required asset managers to pay 0.5% when investors sold units in their funds. Osborne said doing away with it would help keep the U.K.'s asset management industry "world-beating."
In addition, Osborne proposed cutting the U.K.'s top tax rate to 45%. Three years ago, the U.K.'s former government boosted the top rate from 40% to 50%, raising fears about an exodus of high-earning hedge fund managers from the country that has mostly failed to materialize.
The Labour Party, who pushed the 50% rate and who are now in opposition, were quick to blast Osborne's budget as a give-away to his rich hedge fund friends. Osborne's Conservative Party has received millions in donations from hedge fund managers, including the money that helped them win the 2010 election.
Oct 21 2015 | 10:41am ET
One of the most unique charity benefits in the hedge fund industry, A Leg To Stand On's (ALTSO's) Hedge Fund Rocktoberfest - NYC, raised nearly $500,000 last Thursday thanks to the generous support of major sponsors and nearly 1,400 attendees from the Tri-State finance, business and hedge fund communities. Read more…