UK Tax Digest

Welcome to this edition of Weil's UK Tax Digest, featuring a roundup of key tax developments. The past six months have seen significant policy announcements and consultations across a number of areas of UK taxation, draft legislation for the next Finance Bill, and speculation about tax increases in the upcoming Budget to be delivered on November 26.

The most significant tax developments include:

• Carried interest: the government has now published draft legislation on the changes to the taxation of carried interest, after conceding some aspects of its previous proposals. We summarised the concessions made in the recent policy update, which include removal of the minimum co-investment condition and minimum holding period requirements, but retain – subject to statutory safeguards – the potential tax charge on non-UK resident individuals who provide services in the UK. The latest changes and draft legislation follow a period of extensive consultation with industry.