{"id":11504,"date":"2024-07-26T08:49:30","date_gmt":"2024-07-26T08:49:30","guid":{"rendered":"https:\/\/www.ewmglobal.com\/site\/?p=11504"},"modified":"2024-07-26T09:03:07","modified_gmt":"2024-07-26T09:03:07","slug":"uk-carried-interest-tax-reforms","status":"publish","type":"post","link":"https:\/\/www.ewmglobal.com\/site\/uk-carried-interest-tax-reforms\/","title":{"rendered":"UK Carried Interest Reform: A New Tax Era?"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"11504\" class=\"elementor elementor-11504\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-62bbf98 elementor-section-full_width elementor-section-height-min-height elementor-section-stretched elementor-section-height-default elementor-section-items-middle\" data-id=\"62bbf98\" data-element_type=\"section\" data-e-type=\"section\" data-settings=\"{&quot;stretch_section&quot;:&quot;section-stretched&quot;,&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t\t\t<div class=\"elementor-background-overlay\"><\/div>\n\t\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-b7c8485\" data-id=\"b7c8485\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-7289312 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"7289312\" data-element_type=\"section\" data-e-type=\"section\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-66 elementor-top-column elementor-element elementor-element-0e356f8\" data-id=\"0e356f8\" data-element_type=\"column\" data-e-type=\"column\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-b14fc39 elementor-widget elementor-widget-spacer\" data-id=\"b14fc39\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-5e40872 elementor-widget-tablet__width-initial elementor-widget__width-initial elementor-widget elementor-widget-heading\" data-id=\"5e40872\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">UK Carried Interest Reform: A New Tax Era?\u200b<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-e0cbbc5 elementor-widget elementor-widget-theme-post-excerpt\" data-id=\"e0cbbc5\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"theme-post-excerpt.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\tThe Labour Party's election has brought new focus on the tax treatment of carried interest. This proposed reform aims to close a perceived \"loophole,\" sparking debate over tax equity and the UK's attractiveness as an investment hub.\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-f1f7db2 elementor-widget elementor-widget-author-box\" data-id=\"f1f7db2\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"author-box.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-author-box\">\n\t\t\t\t\t\t\t<a href=\"https:\/\/www.linkedin.com\/in\/james-bradnam\/\" class=\"elementor-author-box__avatar\">\n\t\t\t\t\t<img decoding=\"async\" src=\"https:\/\/www.ewmglobal.com\/site\/wp-content\/uploads\/2024\/07\/James-Bradnam-300x300.jpg\" alt=\"Picture of James Bradnam\" loading=\"lazy\">\n\t\t\t\t<\/a>\n\t\t\t\n\t\t\t<div class=\"elementor-author-box__text\">\n\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.linkedin.com\/in\/james-bradnam\/\">\n\t\t\t\t\t\t<h4 class=\"elementor-author-box__name\">\n\t\t\t\t\t\t\tJames Bradnam\t\t\t\t\t\t<\/h4>\n\t\t\t\t\t<\/a>\n\t\t\t\t\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-author-box__bio\">\n\t\t\t\t\t\t<p>Marketing Director<\/p>\n\t\t\t\t\t<\/div>\n\t\t\t\t\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-e6ee9aa elementor-widget elementor-widget-post-info\" data-id=\"e6ee9aa\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"post-info.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<ul class=\"elementor-inline-items elementor-icon-list-items elementor-post-info\">\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item elementor-repeater-item-08ee73c elementor-inline-item\" itemprop=\"datePublished\">\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t\t<i aria-hidden=\"true\" class=\"fas fa-calendar\"><\/i>\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text elementor-post-info__item elementor-post-info__item--type-date\">\n\t\t\t\t\t\t\t\t\t\t<time>July 26, 2024<\/time>\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t<\/ul>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-4533ebf elementor-share-buttons--view-icon elementor-share-buttons--shape-rounded elementor-share-buttons--skin-gradient elementor-grid-0 elementor-share-buttons--color-official elementor-widget elementor-widget-share-buttons\" data-id=\"4533ebf\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"share-buttons.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-grid\" role=\"list\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-grid-item\" role=\"listitem\">\n\t\t\t\t\t\t<div class=\"elementor-share-btn elementor-share-btn_linkedin\" role=\"button\" tabindex=\"0\" aria-label=\"Share on linkedin\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-share-btn__icon\">\n\t\t\t\t\t\t\t\t<i class=\"fab fa-linkedin\" aria-hidden=\"true\"><\/i>\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-grid-item\" role=\"listitem\">\n\t\t\t\t\t\t<div class=\"elementor-share-btn elementor-share-btn_email\" role=\"button\" tabindex=\"0\" aria-label=\"Share on email\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-share-btn__icon\">\n\t\t\t\t\t\t\t\t<i class=\"fas fa-envelope\" aria-hidden=\"true\"><\/i>\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-grid-item\" role=\"listitem\">\n\t\t\t\t\t\t<div class=\"elementor-share-btn elementor-share-btn_print\" role=\"button\" tabindex=\"0\" aria-label=\"Share on print\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-share-btn__icon\">\n\t\t\t\t\t\t\t\t<i class=\"fas fa-print\" aria-hidden=\"true\"><\/i>\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-33 elementor-top-column elementor-element elementor-element-30c44f5\" data-id=\"30c44f5\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-d03e77d elementor-widget elementor-widget-spacer\" data-id=\"d03e77d\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-5296b28 elementor-widget elementor-widget-heading\" data-id=\"5296b28\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Contact Us<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-745c672 elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"745c672\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-d7e0adb elementor-widget elementor-widget-author-box\" data-id=\"d7e0adb\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"author-box.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-author-box\">\n\t\t\t\t\t\t\t<a href=\"https:\/\/www.linkedin.com\/in\/dominic-elias-6805307\/\" class=\"elementor-author-box__avatar\">\n\t\t\t\t\t<img decoding=\"async\" src=\"https:\/\/www.ewmglobal.com\/site\/wp-content\/uploads\/2023\/03\/DE-Headshot-e1721914107396-293x300.jpg\" alt=\"Picture of Dominic Elias\" loading=\"lazy\">\n\t\t\t\t<\/a>\n\t\t\t\n\t\t\t<div class=\"elementor-author-box__text\">\n\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.linkedin.com\/in\/dominic-elias-6805307\/\">\n\t\t\t\t\t\t<h4 class=\"elementor-author-box__name\">\n\t\t\t\t\t\t\tDominic Elias\t\t\t\t\t\t<\/h4>\n\t\t\t\t\t<\/a>\n\t\t\t\t\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-author-box__bio\">\n\t\t\t\t\t\t<p>Chief Advisory Officer<\/p>\n<p>dominic.elias@ewmglobal.com<\/p>\n\t\t\t\t\t<\/div>\n\t\t\t\t\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-0dc0a83 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"0dc0a83\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-a5005dc\" data-id=\"a5005dc\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-b057029 elementor-widget elementor-widget-spacer\" data-id=\"b057029\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-01b494e elementor-widget__width-initial elementor-widget elementor-widget-text-editor\" data-id=\"01b494e\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>The election of the Labour Party has introduced new dynamics to the fiscal landscape, particularly concerning the tax treatment of carried interest. While the Labour manifesto lacked detail, there is growing concern about its implications for private equity fund managers and the broader investment and asset management industry in the UK.<\/p><p>Carried interest has long been a cornerstone of private equity and hedge fund compensation, designed to align fund managers&#8217; interests with those of investors by rewarding them for superior performance. However, its favorable tax treatment, which enables it to be taxed at the lower capital gains rate rather than as ordinary income, has become contentious. The UK is not unique in offering favorable tax treatment for carried interest, similar regimes exist in the US and much of Europe.<\/p><p>In a classic fund structure, the fund manager is typically entitled to 20% of the investment profits, but only after investors have recouped their initial investment plus a preferred return, commonly set at about 8%. This performance-based compensation, known as carried interest, is then distributed among the team members to promote retention and incentivize strong performance.<\/p><h5><strong>Labour\u2019s Tax Overhaul<\/strong><\/h5><p>The Labour Party has identified reforming the taxation of carried interest as one of its signature tax policies. Rachel Reeves, now Chancellor of the Exchequer, has signalled a shift that could provoke significant backlash from the private equity industry. Reeves stated &#8220;Private equity is the only industry where performance-related pay is treated as capital gains. Labour will close this loophole&#8221;. The proposed changes aim to raise between \u00a3400 million and \u00a3500 million.<\/p><p>Currently, carried interest benefits from capital gains tax rates, which critics argue do not reflect the economic reality of the earnings. Reeves suggests that carried interest should instead be classified as a performance-related bonus and taxed in the same category as income. This reclassification could result in effective tax rates rising as high as 53% on carried interest, a drastic shift from the current capital gains taxation rate of 28% in the UK.<\/p><p>It remains uncertain whether a blanket employment income tax rate will be applied, or if an adjusted capital gains tax on carried interest will be introduced. The issue has sparked polarized debate, with proponents of the reform viewing it as a move toward greater tax equity. In contrast, opponents contend that it could undermine the UK&#8217;s appeal as a hub for investment management, potentially diminishing its attractiveness as a domicile for private equity and hedge funds.<\/p><h5><strong>A Shift in Administration Approach<\/strong><\/h5><p>Firms may respond by adopting phantom-based carry, which allocates notional shares reflecting the performance of real equity interests without conferring ownership. Unlike direct carried interest, phantom carry is taxed as ordinary income upon payment. This approach can be particularly advantageous in a higher tax environment, where there is lower or no tax advantage of implementing a direct carry structure, as it offers flexibility in compensation structures and simplifies administration.<\/p><p>Dominic Elias, Chief Advisory Officer at EWM Global, remarked, \u201cA significant drawback of a direct carry plan is the requirement, for tax efficiency, to allocate the carried interest in the fund&#8217;s early stages. In contrast, phantom plans offer notable advantages by enabling more precise targeting of awards to those contributing the most over time. Many Private Equity firms are already leveraging phantom plans, and we anticipate this trend will grow if the taxation of carry changes as expected.&#8221;\u00a0<\/p><p>By deferring taxable events until the phantom carry is disbursed, firms can strategically align tax liabilities with recipients&#8217; tax planning needs. The ease of administration and the ability to defer taxes make phantom carry an appealing alternative under stricter tax regimes, enabling firms to maintain similar economic incentives without the complexities of direct equity participation.<\/p><h5><strong>The Conflict in Regulatory Strategy <\/strong><\/h5><p>The proposed changes to carried interest taxation seem to contradict recent regulatory shifts, such as the removal of the banking bonus cap under the previous Conservative government. The removal of the cap, which had previously limited the banker\u2019s bonuses to 100 per cent of their salary, was intended to make the UK more competitive globally by attracting top talent to its financial sector. In a positive move for the UK financial services industry, Reeves has stated that the Labour government \u201cdoes not have any intention of bringing that back\u201d and emphasized her commitment to supporting a thriving financial services sector in the UK.<\/p><p>In contrast, the planned reform of carried interest could discourage investment professionals and firms from operating in the UK, creating a conflict in regulatory strategy. While one set of policies aims to boost the UK&#8217;s appeal to financial professionals, the other may inadvertently undermine it.<\/p><p>The future of carried interest taxation in the UK remains uncertain, but it is likely to shift toward higher tax rates. Whether this will result in the full equalization of carried interest with income tax or the establishment of a different rate of capital gains tax on carried interest payments, remains to be seen. As the new government outlines its fiscal policies within the Chancellor\u2019s autumn budget, the private equity market will closely monitor the developments to understand and mitigate the impacts on their operations and overall compensation strategies. Should changes be implemented, investment professionals will be particularly focused on the regulatory changes to existing undistributed carry awards.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-62480d8 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"62480d8\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-9b0a09f\" data-id=\"9b0a09f\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-f923a03 elementor-widget elementor-widget-heading\" data-id=\"f923a03\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">YOU MIGHT ALSO LIKE<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-76aa321 elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"76aa321\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-9da2051 anwp-pg-widget-header-style--b anwp-pg-post-teaser__post-icon--size-16 elementor-pagination-position-outside elementor-widget elementor-widget-anwp-pg-classic-slider\" data-id=\"9da2051\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"anwp-pg-classic-slider.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"anwp-pg-wrap\">\n\n\t\n\t<!-- Slider main container -->\n\t<div\n\t\tclass=\"anwp-pg-classic-slider anwp-pg-swiper-wrapper position-static swiper swiper-container anwp-pg-no-transform\"\n\t\tdata-pg-slides-per-view=\"3\"\n\t\tdata-pg-slides-per-view-mobile=\"1\"\n\t\tdata-pg-slides-per-view-tablet=\"2\"\n\t\tdata-pg-slides-per-group=\"1\"\n\t\tdata-pg-slides-per-group-mobile=\"1\"\n\t\tdata-pg-slides-per-group-tablet=\"1\"\n\t\tdata-pg-autoplay=\"no\"\n\t\tdata-pg-autoplay-delay=\"\"\n\t\tdata-pg-space-between=\"27\"\n\t\tdata-pg-effect=\"slide\"\n\t\tdata-pg-show-read-more=\"no\"\n\t\tdata-pg-enable-observer=\"no\"\n\t\tdata-pg-loop=\"no\"\n\t\tdir=\"ltr\"\n\t>\n\t\t<!-- Additional required wrapper -->\n\t\t<div class=\"swiper-wrapper\">\n\t\t\t<!-- Slides -->\n\t\t\t<div class=\"anwp-pg-post-teaser anwp-pg-post-teaser--inner-cover-link anwp-pg-post-teaser--layout-d d-flex flex-column swiper-slide\">\n\t<div class=\"anwp-pg-post-teaser__thumbnail position-relative\">\n\n\t\t\t\t\t<div class=\"anwp-pg-post-teaser__top-meta d-flex flex-column anwp-pg-post-teaser__category-column mr-auto\">\n\t\t\t\t<div class=\"anwp-pg-category__wrapper-filled px-2 d-flex align-items-center anwp-pg-post-teaser__category-wrapper align-self-start anwp-pg-category-parent-0\" style=\"background-color: #1565C0\"><span>Industry Insights<\/span><\/div>\t\t\t<\/div>\n\t\t\t\n\t\t\n\t\t\t\t\t<img loading=\"lazy\" class=\"anwp-pg-post-teaser__thumbnail-img d-block anwp-pg-height-210 anwp-object-cover m-0 w-100\"\n\t\t\t\talt=\"Broadening Carry Participation: A Growing Norm\"\n\t\t\t\tsrc=\"https:\/\/www.ewmglobal.com\/site\/wp-content\/uploads\/2026\/02\/Picture2-1024x738.png\"\/>\n\t\t\n\t\t<div class=\"anwp-pg-post-teaser__thumbnail-bg anwp-position-cover\"><\/div>\n\n\t\t<a class=\"anwp-position-cover anwp-link-without-effects\" href=\"https:\/\/www.ewmglobal.com\/site\/broadening-carried-interest-participation\/\" aria-hidden=\"true\" ><\/a>\n\t<\/div>\n\n\t<div class=\"anwp-pg-post-teaser__content flex-grow-1 pt-1 d-flex flex-column\">\n\n\t\t<div class=\"anwp-pg-post-teaser__title anwp-font-heading mt-2\">\n\t\t\t<a class=\"anwp-link-without-effects\" href=\"https:\/\/www.ewmglobal.com\/site\/broadening-carried-interest-participation\/\" aria-hidden=\"true\" >\n\t\t\t\tBroadening Carry Participation: A Growing Norm\t\t\t<\/a>\n\t\t<\/div>\n\n\t\t<div class=\"anwp-pg-post-teaser__bottom-meta d-flex flex-wrap\">\n\n\t\t\t\t\t\t\t<div class=\"anwp-pg-post-teaser__bottom-meta-item d-flex align-items-center mr-3\">\n\t\t\t\t\t<svg class=\"anwp-pg-icon anwp-pg-icon--s16 mr-1\">\n\t\t\t\t\t\t<use xlink:href=\"#icon-anwp-pg-calendar\"><\/use>\n\t\t\t\t\t<\/svg>\n\t\t\t\t\t<span class=\"posted-on m-0\"><span class=\"screen-reader-text\">Posted on<\/span><time class=\"anwp-pg-published\" datetime=\"2026-02-26T17:38:07+00:00\">February 26, 2026<\/time><time class=\"anwp-pg-updated\" datetime=\"2026-04-02T20:34:40+00:00\">April 2, 2026<\/time><\/span>\n\t\t\t\t<\/div>\n\t\t\t\t\n\t\t\t\t\t<\/div>\n\n\t\t\n\t\t\n\t<\/div>\n\n<\/div>\n<div class=\"anwp-pg-post-teaser anwp-pg-post-teaser--inner-cover-link anwp-pg-post-teaser--layout-d d-flex flex-column swiper-slide\">\n\t<div class=\"anwp-pg-post-teaser__thumbnail position-relative\">\n\n\t\t\t\t\t<div class=\"anwp-pg-post-teaser__top-meta d-flex flex-column anwp-pg-post-teaser__category-column mr-auto\">\n\t\t\t\t<div class=\"anwp-pg-category__wrapper-filled px-2 d-flex align-items-center anwp-pg-post-teaser__category-wrapper align-self-start anwp-pg-category-parent-0\" style=\"background-color: #1565C0\"><span>Company News<\/span><\/div><div class=\"anwp-pg-category__wrapper-filled px-2 d-flex align-items-center anwp-pg-post-teaser__category-wrapper align-self-start anwp-pg-category-parent-30\" style=\"background-color: #1565C0\"><span>Conferences &amp; Events<\/span><\/div>\t\t\t<\/div>\n\t\t\t\n\t\t\n\t\t\t\t\t<img loading=\"lazy\" class=\"anwp-pg-post-teaser__thumbnail-img d-block anwp-pg-height-210 anwp-object-cover m-0 w-100\"\n\t\t\t\talt=\"EWM Global Speaks During the World Economic Forum 2026 in Davos\"\n\t\t\t\tsrc=\"https:\/\/www.ewmglobal.com\/site\/wp-content\/uploads\/2026\/01\/Davos-Thumbnail-1024x576.png\"\/>\n\t\t\n\t\t<div class=\"anwp-pg-post-teaser__thumbnail-bg anwp-position-cover\"><\/div>\n\n\t\t<a class=\"anwp-position-cover anwp-link-without-effects\" href=\"https:\/\/www.ewmglobal.com\/site\/2026-world-economic-forum-davos-interview-with-ewm-global\/\" aria-hidden=\"true\" ><\/a>\n\t<\/div>\n\n\t<div class=\"anwp-pg-post-teaser__content flex-grow-1 pt-1 d-flex flex-column\">\n\n\t\t<div class=\"anwp-pg-post-teaser__title anwp-font-heading mt-2\">\n\t\t\t<a class=\"anwp-link-without-effects\" href=\"https:\/\/www.ewmglobal.com\/site\/2026-world-economic-forum-davos-interview-with-ewm-global\/\" aria-hidden=\"true\" >\n\t\t\t\tEWM Global Speaks During the World Economic Forum 2026 in Davos\t\t\t<\/a>\n\t\t<\/div>\n\n\t\t<div class=\"anwp-pg-post-teaser__bottom-meta d-flex flex-wrap\">\n\n\t\t\t\t\t\t\t<div class=\"anwp-pg-post-teaser__bottom-meta-item d-flex align-items-center mr-3\">\n\t\t\t\t\t<svg class=\"anwp-pg-icon anwp-pg-icon--s16 mr-1\">\n\t\t\t\t\t\t<use xlink:href=\"#icon-anwp-pg-calendar\"><\/use>\n\t\t\t\t\t<\/svg>\n\t\t\t\t\t<span class=\"posted-on m-0\"><span class=\"screen-reader-text\">Posted on<\/span><time class=\"anwp-pg-published\" datetime=\"2026-01-27T17:06:52+00:00\">January 27, 2026<\/time><time class=\"anwp-pg-updated\" datetime=\"2026-02-26T15:38:50+00:00\">February 26, 2026<\/time><\/span>\n\t\t\t\t<\/div>\n\t\t\t\t\n\t\t\t\t\t<\/div>\n\n\t\t\n\t\t\n\t<\/div>\n\n<\/div>\n<div class=\"anwp-pg-post-teaser anwp-pg-post-teaser--inner-cover-link anwp-pg-post-teaser--layout-d d-flex flex-column swiper-slide\">\n\t<div class=\"anwp-pg-post-teaser__thumbnail position-relative\">\n\n\t\t\t\t\t<div class=\"anwp-pg-post-teaser__top-meta d-flex flex-column anwp-pg-post-teaser__category-column mr-auto\">\n\t\t\t\t<div class=\"anwp-pg-category__wrapper-filled px-2 d-flex align-items-center anwp-pg-post-teaser__category-wrapper align-self-start anwp-pg-category-parent-0\" style=\"background-color: #1565C0\"><span>Industry Insights<\/span><\/div>\t\t\t<\/div>\n\t\t\t\n\t\t\n\t\t\t\t\t<img loading=\"lazy\" class=\"anwp-pg-post-teaser__thumbnail-img d-block anwp-pg-height-210 anwp-object-cover m-0 w-100\"\n\t\t\t\talt=\"The Hidden Influence Shaping Behavior in the Financial Markets: Incentive and Retention Framework\"\n\t\t\t\tsrc=\"https:\/\/www.ewmglobal.com\/site\/wp-content\/uploads\/2026\/01\/EWM-Global-Thumbnail-1-1024x576.png\"\/>\n\t\t\n\t\t<div class=\"anwp-pg-post-teaser__thumbnail-bg anwp-position-cover\"><\/div>\n\n\t\t<a class=\"anwp-position-cover anwp-link-without-effects\" href=\"https:\/\/www.ewmglobal.com\/site\/the-hidden-influence-shaping-behavior-in-the-financial-markets-incentive-and-retention-framework\/\" aria-hidden=\"true\" ><\/a>\n\t<\/div>\n\n\t<div class=\"anwp-pg-post-teaser__content flex-grow-1 pt-1 d-flex flex-column\">\n\n\t\t<div class=\"anwp-pg-post-teaser__title anwp-font-heading mt-2\">\n\t\t\t<a class=\"anwp-link-without-effects\" href=\"https:\/\/www.ewmglobal.com\/site\/the-hidden-influence-shaping-behavior-in-the-financial-markets-incentive-and-retention-framework\/\" aria-hidden=\"true\" >\n\t\t\t\tThe Hidden Influence Shaping Behavior in the Financial Markets: Incentive and Retention Framework\t\t\t<\/a>\n\t\t<\/div>\n\n\t\t<div class=\"anwp-pg-post-teaser__bottom-meta d-flex flex-wrap\">\n\n\t\t\t\t\t\t\t<div class=\"anwp-pg-post-teaser__bottom-meta-item d-flex align-items-center mr-3\">\n\t\t\t\t\t<svg class=\"anwp-pg-icon anwp-pg-icon--s16 mr-1\">\n\t\t\t\t\t\t<use xlink:href=\"#icon-anwp-pg-calendar\"><\/use>\n\t\t\t\t\t<\/svg>\n\t\t\t\t\t<span class=\"posted-on m-0\"><span class=\"screen-reader-text\">Posted on<\/span><time class=\"anwp-pg-published\" datetime=\"2026-01-27T12:28:25+00:00\">January 27, 2026<\/time><time class=\"anwp-pg-updated\" datetime=\"2026-01-28T08:43:26+00:00\">January 28, 2026<\/time><\/span>\n\t\t\t\t<\/div>\n\t\t\t\t\n\t\t\t\t\t<\/div>\n\n\t\t\n\t\t\n\t<\/div>\n\n<\/div>\n<div class=\"anwp-pg-post-teaser anwp-pg-post-teaser--inner-cover-link anwp-pg-post-teaser--layout-d d-flex flex-column swiper-slide\">\n\t<div class=\"anwp-pg-post-teaser__thumbnail position-relative\">\n\n\t\t\t\t\t<div class=\"anwp-pg-post-teaser__top-meta d-flex flex-column anwp-pg-post-teaser__category-column mr-auto\">\n\t\t\t\t<div class=\"anwp-pg-category__wrapper-filled px-2 d-flex align-items-center anwp-pg-post-teaser__category-wrapper align-self-start anwp-pg-category-parent-0\" style=\"background-color: #1565C0\"><span>Industry Insights<\/span><\/div>\t\t\t<\/div>\n\t\t\t\n\t\t\n\t\t\t\t\t<img loading=\"lazy\" class=\"anwp-pg-post-teaser__thumbnail-img d-block anwp-pg-height-210 anwp-object-cover m-0 w-100\"\n\t\t\t\talt=\"Fairness &amp; Alignment in Continuation Funds: Designing Sponsor Incentives That Work\"\n\t\t\t\tsrc=\"https:\/\/www.ewmglobal.com\/site\/wp-content\/uploads\/2025\/07\/Final-Continuation-Funds-Article-Feature-Image-2-1024x726.png\"\/>\n\t\t\n\t\t<div class=\"anwp-pg-post-teaser__thumbnail-bg anwp-position-cover\"><\/div>\n\n\t\t<a class=\"anwp-position-cover anwp-link-without-effects\" href=\"https:\/\/www.ewmglobal.com\/site\/fairness-and-alignment-in-continuation-funds\/\" aria-hidden=\"true\" ><\/a>\n\t<\/div>\n\n\t<div class=\"anwp-pg-post-teaser__content flex-grow-1 pt-1 d-flex flex-column\">\n\n\t\t<div class=\"anwp-pg-post-teaser__title anwp-font-heading mt-2\">\n\t\t\t<a class=\"anwp-link-without-effects\" href=\"https:\/\/www.ewmglobal.com\/site\/fairness-and-alignment-in-continuation-funds\/\" aria-hidden=\"true\" >\n\t\t\t\tFairness &amp; Alignment in Continuation Funds: Designing Sponsor Incentives That Work\t\t\t<\/a>\n\t\t<\/div>\n\n\t\t<div class=\"anwp-pg-post-teaser__bottom-meta d-flex flex-wrap\">\n\n\t\t\t\t\t\t\t<div class=\"anwp-pg-post-teaser__bottom-meta-item d-flex align-items-center mr-3\">\n\t\t\t\t\t<svg class=\"anwp-pg-icon anwp-pg-icon--s16 mr-1\">\n\t\t\t\t\t\t<use xlink:href=\"#icon-anwp-pg-calendar\"><\/use>\n\t\t\t\t\t<\/svg>\n\t\t\t\t\t<span class=\"posted-on m-0\"><span class=\"screen-reader-text\">Posted on<\/span><time class=\"anwp-pg-published\" datetime=\"2025-07-14T19:42:18+00:00\">July 14, 2025<\/time><time class=\"anwp-pg-updated\" datetime=\"2025-10-07T06:57:36+00:00\">October 7, 2025<\/time><\/span>\n\t\t\t\t<\/div>\n\t\t\t\t\n\t\t\t\t\t<\/div>\n\n\t\t\n\t\t\n\t<\/div>\n\n<\/div>\n<div class=\"anwp-pg-post-teaser anwp-pg-post-teaser--inner-cover-link anwp-pg-post-teaser--layout-d d-flex flex-column swiper-slide\">\n\t<div class=\"anwp-pg-post-teaser__thumbnail position-relative\">\n\n\t\t\t\t\t<div class=\"anwp-pg-post-teaser__top-meta d-flex flex-column anwp-pg-post-teaser__category-column mr-auto\">\n\t\t\t\t<div class=\"anwp-pg-category__wrapper-filled px-2 d-flex align-items-center anwp-pg-post-teaser__category-wrapper align-self-start anwp-pg-category-parent-0\" style=\"background-color: #1565C0\"><span>Industry Insights<\/span><\/div>\t\t\t<\/div>\n\t\t\t\n\t\t\n\t\t\t\t\t<img loading=\"lazy\" class=\"anwp-pg-post-teaser__thumbnail-img d-block anwp-pg-height-210 anwp-object-cover m-0 w-100\"\n\t\t\t\talt=\"Junior Staff Carry Allocation: Benefits and Potential Challenges\"\n\t\t\t\tsrc=\"https:\/\/www.ewmglobal.com\/site\/wp-content\/uploads\/2024\/09\/2024-09-11_11-26-40-1024x725.png\"\/>\n\t\t\n\t\t<div class=\"anwp-pg-post-teaser__thumbnail-bg anwp-position-cover\"><\/div>\n\n\t\t<a class=\"anwp-position-cover anwp-link-without-effects\" href=\"https:\/\/www.ewmglobal.com\/site\/junior-staff-carry-allocation-benefits-and-potential-challenges\/\" aria-hidden=\"true\" ><\/a>\n\t<\/div>\n\n\t<div class=\"anwp-pg-post-teaser__content flex-grow-1 pt-1 d-flex flex-column\">\n\n\t\t<div class=\"anwp-pg-post-teaser__title anwp-font-heading mt-2\">\n\t\t\t<a class=\"anwp-link-without-effects\" href=\"https:\/\/www.ewmglobal.com\/site\/junior-staff-carry-allocation-benefits-and-potential-challenges\/\" aria-hidden=\"true\" >\n\t\t\t\tJunior Staff Carry Allocation: Benefits and Potential Challenges\t\t\t<\/a>\n\t\t<\/div>\n\n\t\t<div class=\"anwp-pg-post-teaser__bottom-meta d-flex flex-wrap\">\n\n\t\t\t\t\t\t\t<div class=\"anwp-pg-post-teaser__bottom-meta-item d-flex align-items-center mr-3\">\n\t\t\t\t\t<svg class=\"anwp-pg-icon anwp-pg-icon--s16 mr-1\">\n\t\t\t\t\t\t<use xlink:href=\"#icon-anwp-pg-calendar\"><\/use>\n\t\t\t\t\t<\/svg>\n\t\t\t\t\t<span class=\"posted-on m-0\"><span class=\"screen-reader-text\">Posted on<\/span><time class=\"anwp-pg-published\" datetime=\"2024-09-12T11:54:02+00:00\">September 12, 2024<\/time><time class=\"anwp-pg-updated\" datetime=\"2025-10-07T07:03:19+00:00\">October 7, 2025<\/time><\/span>\n\t\t\t\t<\/div>\n\t\t\t\t\n\t\t\t\t\t<\/div>\n\n\t\t\n\t\t\n\t<\/div>\n\n<\/div>\n<div class=\"anwp-pg-post-teaser anwp-pg-post-teaser--inner-cover-link anwp-pg-post-teaser--layout-d d-flex flex-column swiper-slide\">\n\t<div class=\"anwp-pg-post-teaser__thumbnail position-relative\">\n\n\t\t\t\t\t<div class=\"anwp-pg-post-teaser__top-meta d-flex flex-column anwp-pg-post-teaser__category-column mr-auto\">\n\t\t\t\t<div class=\"anwp-pg-category__wrapper-filled px-2 d-flex align-items-center anwp-pg-post-teaser__category-wrapper align-self-start anwp-pg-category-parent-0\" style=\"background-color: #1565C0\"><span>Industry Insights<\/span><\/div>\t\t\t<\/div>\n\t\t\t\n\t\t\n\t\t\t\t\t<img loading=\"lazy\" class=\"anwp-pg-post-teaser__thumbnail-img d-block anwp-pg-height-210 anwp-object-cover m-0 w-100\"\n\t\t\t\talt=\"The Modern Landscape of Carried Interest\"\n\t\t\t\tsrc=\"https:\/\/www.ewmglobal.com\/site\/wp-content\/uploads\/2024\/08\/The-Modern-Landscape-of-Carried-Interest-1024x576.png\"\/>\n\t\t\n\t\t<div class=\"anwp-pg-post-teaser__thumbnail-bg anwp-position-cover\"><\/div>\n\n\t\t<a class=\"anwp-position-cover anwp-link-without-effects\" href=\"https:\/\/www.ewmglobal.com\/site\/the-modern-landscape-of-carried-interest\/\" aria-hidden=\"true\" ><\/a>\n\t<\/div>\n\n\t<div class=\"anwp-pg-post-teaser__content flex-grow-1 pt-1 d-flex flex-column\">\n\n\t\t<div class=\"anwp-pg-post-teaser__title anwp-font-heading mt-2\">\n\t\t\t<a class=\"anwp-link-without-effects\" href=\"https:\/\/www.ewmglobal.com\/site\/the-modern-landscape-of-carried-interest\/\" aria-hidden=\"true\" >\n\t\t\t\tThe Modern Landscape of Carried Interest\t\t\t<\/a>\n\t\t<\/div>\n\n\t\t<div class=\"anwp-pg-post-teaser__bottom-meta d-flex flex-wrap\">\n\n\t\t\t\t\t\t\t<div class=\"anwp-pg-post-teaser__bottom-meta-item d-flex align-items-center mr-3\">\n\t\t\t\t\t<svg class=\"anwp-pg-icon anwp-pg-icon--s16 mr-1\">\n\t\t\t\t\t\t<use xlink:href=\"#icon-anwp-pg-calendar\"><\/use>\n\t\t\t\t\t<\/svg>\n\t\t\t\t\t<span class=\"posted-on m-0\"><span class=\"screen-reader-text\">Posted on<\/span><time class=\"anwp-pg-published\" datetime=\"2024-08-20T09:50:19+00:00\">August 20, 2024<\/time><time class=\"anwp-pg-updated\" datetime=\"2024-08-20T15:32:45+00:00\">August 20, 2024<\/time><\/span>\n\t\t\t\t<\/div>\n\t\t\t\t\n\t\t\t\t\t<\/div>\n\n\t\t\n\t\t\n\t<\/div>\n\n<\/div>\n\t\t<\/div>\n\n\t\t\t\t\t\t\t\t\t<div class=\"swiper-pagination\"><\/div>\n\t\t\t\t\t\t\t\t\t<\/div>\n<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>The Labour Party&#8217;s election has brought new focus on the tax treatment of carried interest. This proposed reform aims to close a perceived &#8220;loophole,&#8221; sparking debate over tax equity and the UK&#8217;s attractiveness as an investment 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