LONDON -- FSA rules that permit UK onshore quasi-hedge funds to operate on the UK mainland will have little effect on the industry unless complimentary tax changes are introduced. That was the response of many industry figures to the FSA’s relaxation of investment restrictions, which will allow onshore funds to short, use derivatives and leverage up to 100% of their net assets.
"While the FSA is very gung-ho about regulation, the Inland Revenue has not changed its tax rules yet," says Paul
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