Effective from April 6, 2015, new rules in the U.K. seek to tax “disguised investment management fees” as ordinary income (the “DMF rules”). The trick is to know a disguised management fee when you see one. The DMF rules may affect not only funds managed or operating in the U.K., but potentially any fund that undertakes activities in the U.K. (for example, a representative of the manager meeting with a U.K. investor).