09 July 2015
Budget update - changes to the taxation of carried interest
The Chancellor has announced changes affecting individuals working in the asset management industry and, in particular, the tax treatment of carried interest. These are:
- All proceeds from carried interest to be taxed at at least 28 per cent. This change came into effect on 8 July 2015.
- A consultation on the types of funds whose carried interest should benefit from capital gains tax treatment (and which funds the carried interest in which should be taxed as income). These changes will come into effect from 6 April 2016.
- Changes to the domicile rule including individuals being deemed to be domiciled in the UK for income and capital gains tax purposes when they have been resident for 15 out of 20 tax years. These changes will come into effect from 6 April 2017.
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