Beta This part of GOV.UK is being rebuilt – find out what this means

HMRC internal manual

International Manual

From
HM Revenue & Customs
Updated
, see all updates

Non-residents trading in the UK: through UK investment managers, brokers or Lloyd’s agents: Statement of Practice 1/01

Purpose of SP 1/01

Statement of Practice 1/01 was originally issued on 6 June 2001 and gives guidance on how HMRC interprets and applies the provisions of the investment manager exemption scheme.

The Statement of Practice was revised and re-issued on 20 July 2007 and the revised version is linked to from INTM269200. The revised version took immediate effect, but non-residents and their investment managers could continue to rely upon the 6 June 2001 version up to 31 December 2009. This short term grandfathering arrangement was agreed with the industry to allow non-residents and their investment managers a transitional period.

The reasons for the revision and re-issuing of the Statement of Practice are set out at the start of INTM269200.