As fund managers and retail investors alike make sense of a remarkable month – in which the concerted action of the crowd made tulips from stock that was previously regarded as a sure-fire short – there is a sense in which the interest attaching to the regulatory shift that is the off-payroll, or ‘IR35’, rules for the private sector pales in comparison.
The UK Inland Revenue’s March 9, 1999 Budget Press Release was entitled ‘Countering Avoidance in the Provision of Personal Services’ and marked the advent of what became known as the IR35 legislation.
