On 8 July 2015, the UK government announced, effective immediately, sweeping changes to the UK taxation of carried interest and launched a consultation into potentially even more changes. Further, the UK Government announced that it would be making changes to the way in which it taxes individuals who are resident in the UK but domiciled elsewhere (“non-doms”). These announcements caused concern enough for asset managers based in the UK but an additional change has come to light in the legislation; certain payments of carried interest will now be deemed to have a UK source. For UK resident, UK domiciled individuals this will not make any difference but for UK resident non-doms this will bring the full amount of such carry into the UK tax net, regardless of whether sums are remitted to the UK.
In this webinar, we explore how these announcements impact private equity professionals operating in the UK.
Access webinar here.