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With the possibility of the Labour party forming the government at the next UK general election there appears to be an ever-greater prospect of a material shift in the way the UK taxes the managers of private investment funds in respect of their share in the super profits of the funds they manage commonly referred to as ‘carried interest’.
Whether that comes to be time will tell; but the matter of how carried interest is taxed in the UK is topical and is likely to remain so for some time. The legal challenge launched against HMRC by a major Labour donor and the Good Law Project in respect of what they consider the under-taxation of carried interest received by private equity fund managers is likely to shine a further spotlight on this issue over the coming months.
In this article we will provide a refresher...
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