<b>Tax News:</b> HMRC investigates 'prime broker' users. By Nichola Ross Martin
The Revenue have been investigating a number of traders, who were resident in the UK, and were thought to be evading tax by trading in shares through a nominee company registered in the British Virgin Islands, using a UK investment bank as the 'prime broker'. This meant that they also enjoyed institutional investor status.
The investigation followed a voluntary disclosure made by a group of London share traders to Special Compliance Office in 2002.