Hedge funds defend themselves over tax criticism

Hedge funds have defended themselves against criticism from Labour party leader Ed Miliband, arguing that they contributed £4bn in British taxes last year and would not benefit from changes in levies on financial trading.

The Telegraph reports that the Alternative Investment Management Association (AIma) said on Wednesday that the industry's tax payments in 2014 comprised corporation tax, income tax and national insurance contributions from 500 hedge funds and 40,000 workers who are directly and indirectly involved in the sector.

Hedge funds’ overall tax bills have risen from £1.9bn since 2009, Aima added.

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