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Hedge funds wary of taxes despite new law

BD Live – The Taxation Laws Amendment Act will limit the risk of double taxation for hedge funds, but industry experts are concerned there is a risk that trading profits could still be taxed within funds.

An unprotected hedge fund industry meant little protection for investors and left profits open to tax both in the fund and on withdrawal. “While there are still one or two uncertainties, the act will prevent double taxation,” Emil Brincker, national practice head of tax at DLA Cliffe Dekker Hofmeyr, said on Thursday. Mr Brincker said the South African Revenue Service was likely to address some of the uncertainties arising from the act in the upcoming budget speech on February 26. “There are a lot of issues arising from the act, which takes time to digest. Applying it practically is another story,” he said.

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