[809EZA Disguised investment management fees: charge to income tax]
Income Tax Act 2007 (2007 c 3) | Legislation

[Chapter 5E
Disguised Investment Management Fees]

[809EZA  Disguised investment management fees: charge to income tax]

[(1)     Where one or more disguised fees arise to an individual in a tax year from one or more investment schemes (whether or not by virtue of the same arrangements), the individual is liable for income tax for the tax year in respect of the disguised fee or fees as if—

(a)     the individual were carrying on a trade for the tax year,

(b)     the disguised fee or fees were the profits of the trade of the tax year, and

(c)     the individual were the person receiving or entitled to those profits.

(2)     For the purposes of subsection (1) the trade is treated as carried on—

(a)     in the United Kingdom, to the extent that the individual performs the relevant services in the United Kingdom;

(b)     outside the United Kingdom, to the extent that the individual performs the relevant services outside the United Kingdom;

and for this purpose “the relevant services” means the investment management services by virtue of which

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