Emily Clark

This Practice Note explains the disguised investment management fee (DIMF) rules. It looks at the main planning arrangements targeted by the DIMF rules and explores how the rules operate in practice. Produced in partnership with Emily Clark of Travers Smith

This Practice Note looks at the taxation of holders of carried interest (carry) in a UK private equity fund. It sets out the structure of, and need for, a separate carried interest partner and considers the impact of the disguised investment management (DIMF) rules and the income-based carried interest (IBCI) rules. This Practice Note was produced in partnership with Emily Clark of Travers Smith.

This Practice Note describes the tax treatment of fund manager employees who acquire carried interest (carry) in a private equity fund. It considers the application of the employment-related securities rules (including the restricted securities rules), section 431 elections and the 2003 Memorandum of Understanding between HMRC and the BVCA in relation to carried interest. There is also a brief explanation of the PAYE and National Insurance contributions (NICs) consequences arising in respect of a carried interest holding. This Practice Note was produced in partnership with Emily Clark of Travers Smith.

This Practice Note explains how investors in a private equity fund are taxed on their share of the fund's profits. The tax transparent structures adopted by private equity funds mean that each investor is treated as if they owned their share of the fund's investments directly. This Practice Note looks at the different types of fund profits arising and the tax treatment of different types of investor. It also summarises some key anti-avoidance provisions—namely, the attribution of gains, transfer of assets abroad, and offshore funds rules. Produced in partnership with Emily Clark of Travers Smith.

This Practice Note is an introductory note for tax lawyers on how a typical onshore private equity fund is structured. It sets out what a private equity fund is and who the typical investors are (mainly institutional investors seeking long-term capital growth), illustrates how a typical fund is structured and explains the role of each of the entities in the structure. It also sets out common terms of a private equity fund and key documents required to set up the fund. This Practice Note was produced in partnership with Emily Clark of Travers Smith.

This Practice Note describes the role and tax treatment of the general partner in a private equity fund. It explains how the general partner is remunerated and funds the management fee in the early years of the fund, and considers the tax treatment of ‘fund expenses and management expenses’ together with the ‘tax status of the management fee’. It also sets out key considerations where a fund is a non-UK entity and special issues where the general partner is a limited liability partnership or Scottish limited partnership. This Practice Note was produced in partnership with Emily Clark of Travers Smith.

This Practice Note considers the application of stamp duty and stamp duty reserve tax (SDRT) to transfers of interests in private equity partnerships. The note considers the stamp duty rules, and, in particular, whether the transfer of a partnership interest is stampable; the consequences of not stamping; whether it matters that the partnership is a UK partnership or a foreign partnership; and how stamp duty is calculated. It then examines whether the SDRT rules apply to partnership transfers. This Practice Note was produced in partnership with Emily Clark of Travers Smith.

This Practice Note deals with the VAT issues that arise in relation to private equity funds. It considers the VAT implications of the dealings between a limited partnership fund and its partners by looking at whether making an investment into the fund or transferring an interest in the fund involves a taxable supply. It also considers whether VAT should be charged on the supply of advice and management services to the fund. This Practice Note was produced in partnership with Emily Clark of Travers Smith.