{"id":13527,"date":"2026-06-23T12:01:21","date_gmt":"2026-06-23T12:01:21","guid":{"rendered":"https:\/\/www.ewmglobal.com\/site\/?p=13527"},"modified":"2026-06-23T12:01:27","modified_gmt":"2026-06-23T12:01:27","slug":"carried-interest-reform-the-tax-change-that-lands-on-hrs-desk","status":"publish","type":"post","link":"https:\/\/www.ewmglobal.com\/site\/carried-interest-reform-the-tax-change-that-lands-on-hrs-desk\/","title":{"rendered":"Carried Interest Reform: The Tax Change That Lands on HR&#8217;s Desk"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"13527\" class=\"elementor elementor-13527\" 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-100 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\">Carried Interest Reform: The Tax Change That Lands on HR's Desk<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-3f2571d elementor-widget__width-initial elementor-widget elementor-widget-text-editor\" data-id=\"3f2571d\" 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><em>The UK\u2019s carried interest reform, which came into force on 6 April 2026, changed the way an investment manager\u2019s carry is taxed. While fundamentally a tax change, the new rules create a significant operational demand: fund managers need to be able to produce accurate data on investments, an individual\u2019s UK workdays, the split between carry and co-investment, and the calculation of returns. In practice, much of this sits with HR departments and fund administrators. For those teams, responding effectively will depend on having the right platform in place, supported by expert tax advice.<\/em><\/p>\t\t\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>June 23, 2026<\/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\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-50 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-e1f1601 elementor-widget elementor-widget-spacer\" data-id=\"e1f1601\" 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>When the captain of a 16th Century ship sailing for Asia or the Americas was negotiating his share of the profits from the cargo \u2013 his \u201ccarried interest\u201d \u2013 he probably wasn\u2019t thinking about how many UK workdays he and his crew would be performing to complete the task (presumably not many).<\/p><p>He probably didn\u2019t want to think about average holding periods: \u201caverage\u201d, in the context of holding cargo, was a word that only arose in the event of disaster; a fair way of sharing the losses in the event part of the load had to be thrown overboard in a storm.\u00a0<\/p><p>Until recently, back offices and HR administrators were in a similar position. Questions about how many days a non-resident fund manager had spent working in the UK, or the average holding period of investments\u00a0were not\u00a0matters\u00a0that\u00a0required\u00a0much attention.\u00a0<\/p><p>But under the new rules on carried interest, which came into force on 6 April 2026, answers to these questions must be available and can directly shape how a fund manager&#8217;s carried interest is taxed.\u00a0\u00a0<\/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<div class=\"elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-67cb2c1\" data-id=\"67cb2c1\" 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-c1da934 elementor-widget elementor-widget-image\" data-id=\"c1da934\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img fetchpriority=\"high\" decoding=\"async\" width=\"776\" height=\"621\" src=\"https:\/\/www.ewmglobal.com\/site\/wp-content\/uploads\/2026\/06\/WTS-and-EWM-2.png\" class=\"attachment-large size-large wp-image-13531\" alt=\"\" srcset=\"https:\/\/www.ewmglobal.com\/site\/wp-content\/uploads\/2026\/06\/WTS-and-EWM-2.png 776w, https:\/\/www.ewmglobal.com\/site\/wp-content\/uploads\/2026\/06\/WTS-and-EWM-2-300x240.png 300w, https:\/\/www.ewmglobal.com\/site\/wp-content\/uploads\/2026\/06\/WTS-and-EWM-2-768x615.png 768w\" sizes=\"(max-width: 776px) 100vw, 776px\" \/>\t\t\t\t\t\t\t\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-121b526 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"121b526\" 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-ade346f\" data-id=\"ade346f\" 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<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-b281513 elementor-section-full_width elementor-section-height-default elementor-section-height-default\" data-id=\"b281513\" 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-inner-column elementor-element elementor-element-082ec1b\" data-id=\"082ec1b\" 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-caa9aee elementor-widget elementor-widget-text-editor\" data-id=\"caa9aee\" 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 UK\u2019s\u00a0Carried\u00a0Interest reform is,\u00a0first and foremost, a tax change. But its consequences\u00a0reach\u00a0well beyond the tax function. Meeting the new rules depends on data \u2013 award dates, vesting events,\u00a0residence\u00a0and workday records \u2013 that sits with HR departments and fund administrators, making them central to a process their fund managers, and\u00a0ultimately HMRC, will rely on.\u00a0\u00a0<\/p><p>Carried Interest, or \u201ccarry\u201d,\u00a0is the profit share paid to investment managers once investors have received their capital and a preferred return. Until\u00a0recently, in the UK\u00a0it was\u00a0taxed based on the nature of the underlying returns\u00a0\u2013\u00a0typically\u00a0capital gains \u2013 albeit subject to a minimum tax rate\u00a0(32% in the 2025\/6 tax year).\u00a0<\/p><p><strong>From\u00a0April\u00a02026,\u00a0carry\u00a0is treated as\u00a0trading profit, subject to income tax and\u00a0Class 4\u00a0National Insurance contributions (NICs). \u201cQualifying\u201d carry\u00a0is adjusted by a 72.5% multiplier, resulting in a\u00a0top\u00a0tax\u00a0rate of around 34.1%\u00a0for participants; carry that does not qualify is taxed at up to 47%.\u00a0The\u00a0rules\u00a0determining\u00a0qualifying carry are complex and impose\u00a0a significant evidence\u00a0burden.\u00a0<\/strong><\/p><p>Most\u00a0carry recipients\u00a0will be\u00a0impacted\u00a0\u2013 and importantly, the new rules are now relevant to overseas-based participants who spend some of their time working in the UK.\u00a0The rules are drawn widely,\u00a0and they apply to existing carry\u00a0schemes\u00a0as\u00a0they\u00a0pay out, not just new schemes.\u00a0\u00a0<\/p><p>Often, although not a requirement to\u00a0benefit\u00a0from the qualifying carry rules, carry schemes\u00a0are associated with\u00a0co-investment\u00a0arrangements\u00a0whereby firms and investment team members invest their own money alongside external investors. The tax treatment of returns from co-investment is not changed, meaning that the tax is still based on the nature of the underlying returns.\u00a0<\/p><p>For fund managers,\u00a0and\u00a0their HR\u00a0and administration\u00a0teams, this\u00a0is not a\u00a0one-off\u00a0exercise in\u00a0reading the legislation.\u00a0It\u2019s\u00a0an ongoing operational task \u2013 capturing the right data, keeping it current and producing it on demand, with tax advice to steer it.\u00a0In practice, this breaks down into a handful of distinct demands.\u00a0<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-62c5e4a elementor-widget elementor-widget-text-editor\" data-id=\"62c5e4a\" 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<h5><strong>1) Proving the rate: average holding periods<\/strong><\/h5><p>Whether carry qualifies for the reduced rate turns, broadly,\u00a0on\u00a0how long\u00a0the fund holds its investments. An average of at least 40 months qualifies in full; 36 to 40 months earns partial relief; anything below 36 months qualifies for none.\u00a0<\/p><p>&#8220;Broadly&#8221; is doing a lot of work\u00a0here. The figure is a weighted\u00a0average\u00a0(by size of investment)\u00a0of the holding periods of the investments in a fund,\u00a0supplemented by\u00a0specific\u00a0rules\u00a0(differing\u00a0by asset class\u00a0\u2013 venture capital, private equity, real estate, credit, fund of\u00a0funds) that\u00a0can\u00a0deem\u00a0extended average\u00a0holding periods for investments made or disposed of\u00a0in stages. Holding entities are (normally) looked through.\u00a0Additional\u00a0rules govern the\u00a0treatment for derivatives and hedging. There are\u00a0cases where the intentions\u00a0behind\u00a0investment\u00a0decisions\u00a0must be\u00a0demonstrated\u00a0through contemporaneous documentation.\u00a0\u00a0<\/p><p>The rules\u00a0allow\u00a0&#8220;conditionally qualifying&#8221; carry, which is taxed\u00a0at the reduced rate\u00a0before the test is met (on the assumption it will be), with a top-up charge if not.\u00a0\u00a0<\/p><p>Carry\u00a0participants\u00a0claiming the reduced rate\u00a0will need to be able to\u00a0produce the workings if HMRC asks.\u00a0\u00a0<\/p><p>As the amounts and timings of individual investments may be commercially sensitive, firms will need to consider carefully what data should be shared with\u00a0participants, and to\u00a0balance the benefits of the reduced tax rate against these sensitivities, particularly for individuals outside the core investment team who might not otherwise be privy to this information.\u00a0<\/p><p>This is\u00a0a data exercise\u00a0as much as it is a question of interpretation. It\u00a0relies on the acquisition and disposal date of every relevant investment, including those held indirectly.\u00a0With that data in place,\u00a0and other supporting information,\u00a0the\u00a0average\u00a0holding period can be calculated and the qualifying position settled\u00a0\u2013\u00a0with tax advice\u00a0to guide.\u00a0\u00a0<\/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<div class=\"elementor-element elementor-element-6804d25 elementor-widget elementor-widget-text-editor\" data-id=\"6804d25\" 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<h5><strong>2) People who move: tracking UK workdays<\/strong><\/h5><p>The new rules apply to both UK resident and non-UK resident carry participants, if they perform at least part of their investment management services in the UK. If participants spend at least 60 UK workdays in a tax year (defined as any day in which three or more hours of work are performed in the UK) during the lifespan of the carry scheme, then part of their carried interest is potentially subject to tax on a proportional basis.\u00a0\u00a0<\/p><p>To help individuals\u00a0comply with\u00a0their tax obligations, firms\u00a0are\u00a0expected to track\u00a0each\u00a0overseas-based\u00a0individual\u2019s UK\u00a0workdays,\u00a0on a calculation\u00a0methodology\u00a0that differs from the\u00a0normal Short Term Business Visitor PAYE\u00a0rules. Existing\u00a0tracking\u00a0systems were not\u00a0designed\u00a0for this and will need adapting.<\/p><p>As UK workdays from 30 October 2024 (the day the carried interest reforms were first announced) need to be taken into account, firms that have not implemented such systems yet will need to consider what data and evidence can be gathered now.<\/p><p>Additional\u00a0considerations\u00a0will need to be\u00a0made for employees moving abroad or coming to the UK during the life of the carry scheme.\u00a0<\/p><p>While in many cases an individual participant may be able to claim an exemption\u00a0under a double taxation treaty, there will remain a UK tax filing obligation. Affected individuals are likely to need specialist UK tax advice.\u00a0<\/p><p>For global\u00a0funds\u00a0whose overseas-based managers frequently travel\u00a0to\u00a0the UK, this is where a UK reform becomes a cross-border\u00a0issue.<\/p><p>The implications need to be clearly communicated, since those overseas managers may not be aware of the consequences. While business needs should normally prevail over tax planning, firms may want to consider, especially at the margins, whether travel to the UK is necessary.<\/p><p>The most forward-thinking firms will implement real-time tracking so individuals can be warned as they approach the 60-day threshold (and other relevant limits) in a tax year, allowing them to manage their tax, and tax filing, exposures before it is too late to do anything about it.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-ddf89c4 elementor-widget elementor-widget-text-editor\" data-id=\"ddf89c4\" 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<h5><strong>3) The edges: disguised investment management fees, late grants and co-investment<\/strong><\/h5><p>The existing rules applicable to disguised investment management fees (DIMF),\u00a0and employment related securities, continue to apply. However,\u00a0the rules\u00a0contain\u00a0provisions preventing double taxation of the same amounts.\u00a0\u00a0<\/p><p>There is a potential employment tax implication on the grant of carried interest, however carry granted sufficiently\u00a0early in a fund&#8217;s life can usually be valued at the price paid (effectively resulting in no employment taxes being payable).\u00a0If carry is granted\u00a0later, after the fund has begun to generate gains, a market value must be\u00a0established on which employment tax due under PAYE can be determined. This is\u00a0a complex exercise, and the firm\u2019s records\u00a0are\u00a0the only sound basis for\u00a0it.\u00a0\u00a0<\/p><p>Co-investment sits outside the carry rules and so should be tracked and cleanly separated, with taxable income and gains calculated under normal UK tax principles.\u00a0\u00a0<\/p><p>In\u00a0each case,\u00a0the records\u00a0have to\u00a0be in place \u2013 the valuations, the income and gains arising, co-investment entitlements, the carry waterfall \u2013 and the tax treatment follows from them.\u00a0<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-8c6359a elementor-widget elementor-widget-text-editor\" data-id=\"8c6359a\" 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<h5><strong>4) The tax pack: increasing demands on HR<\/strong><\/h5><p>Individuals must\u00a0disclose\u00a0and pay the tax\u00a0and NIC\u00a0on their carry and co-investment through self-assessment, and\u00a0will turn\u00a0to their employer for the figures. Employers are\u00a0not\u00a0statutorily\u00a0obliged to provide them,\u00a0but it is\u00a0usually\u00a0in their interest to do so. They often hold the only reliable record of the data,\u00a0and inconsistent numbers across current and former executives invite errors and HMRC checks that rebound on the firm as much as the individual.\u00a0HMRC guidance confirms that where HMRC is provided with a copy of a well-prepared tax pack, this will reduce the likelihood of compliance checks for individuals.\u00a0<\/p><p>HMRC recognises that, particularly in the context of international firms\u00a0and complex fund structures, the\u00a0information necessary to accurately determine the taxable amounts arising \u2013 especially in relation to returns on co-investment \u2013 may not be readily available. While errors in reporting do not change the individual\u2019s responsibility to pay the right amount of\u00a0tax, penalties for errors will not be imposed if HMRC accepts that individuals have taken reasonable care \u2013 which may include relying on a tax pack provided by their employer. However, this creates an expectation that the employer has taken reasonable care in preparing the data. HMRC has a high standard and historically common approaches, such as relying on figures from a US K-1 form without further analysing the UK tax treatment, for example, will no longer cut it.\u00a0<\/p><p>HR teams may have been used to preparing such packs in the past, however in\u00a0the new world the different treatments\u00a0of co-investment, and qualifying,\u00a0conditionally qualifying and non-qualifying carry, means a significantly greater level of detail is likely to be required for individuals to demonstrate that they are declaring the correct amount of tax.\u00a0<\/p><p>This summary is only as good as the data feeding it:\u00a0the\u00a0key dates for\u00a0every\u00a0award\u00a0(grant, vesting, lapse, exercise)\u00a0and\u00a0the\u00a0attributes\u00a0that affect an individual\u2019s position,\u00a0such as\u00a0UK tax residence, citizenship and relevant elections.\u00a0Capturing this from the outset, in a system built to produce it, is what turns a scramble at filing time into a routine report.\u00a0<\/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-6cca971 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"6cca971\" 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-50 elementor-top-column elementor-element elementor-element-eca8948\" data-id=\"eca8948\" 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-949e8b2 elementor-widget__width-initial elementor-widget elementor-widget-text-editor\" data-id=\"949e8b2\" 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<h5><strong>Two capabilities, working together<\/strong>\u00a0<\/h5><p>Across all four demands, the same pattern holds: getting the tax right requires having the right data in place.<\/p><p>Given the wide range of investment strategies in alternatives funds, and individual circumstances, the specific data requirements will differ for every firm and potentially each fund \u2013 so tax data requirements, and the design of the platforms to hold, process and deliver the information and supporting evidence, should be an integral part of the tax considerations taken into account in designing carried interest arrangements.<\/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<div class=\"elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-c22cd02\" data-id=\"c22cd02\" 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-7d38f1c elementor-widget elementor-widget-image\" data-id=\"7d38f1c\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"611\" height=\"319\" src=\"https:\/\/www.ewmglobal.com\/site\/wp-content\/uploads\/2026\/06\/EWM-and-TWS-5-1.png\" class=\"attachment-large size-large wp-image-13635\" alt=\"\" srcset=\"https:\/\/www.ewmglobal.com\/site\/wp-content\/uploads\/2026\/06\/EWM-and-TWS-5-1.png 611w, https:\/\/www.ewmglobal.com\/site\/wp-content\/uploads\/2026\/06\/EWM-and-TWS-5-1-300x157.png 300w\" sizes=\"(max-width: 611px) 100vw, 611px\" \/>\t\t\t\t\t\t\t\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-faa7190 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"faa7190\" 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-403f724\" data-id=\"403f724\" 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<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-a14a05c elementor-section-full_width elementor-section-height-default elementor-section-height-default\" data-id=\"a14a05c\" 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-inner-column elementor-element elementor-element-77acabb\" data-id=\"77acabb\" 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-fb856e3 elementor-widget elementor-widget-text-editor\" data-id=\"fb856e3\" 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>A data platform with no\u00a0tax expertise\u00a0behind it produces tidy records of the wrong things;\u00a0tax expertise\u00a0with no platform behind it has nothing to work from.\u00a0The firms that come through this comfortably are the ones that build both, before the next distribution makes the gap obvious.\u00a0<\/p><p>This article is co-authored by <a href=\"https:\/\/www.linkedin.com\/in\/christopher-austin-01332732\/\">Christopher Austin<\/a>, Partner and international structuring and investment specialist at <a href=\"https:\/\/www.linkedin.com\/company\/wtsuk\/\">WTS UK<\/a>, and EWM Global, a specialist provider of incentive compensation administration for financial services firms globally.<\/p><p><em>Please fill out the contact form below for more information about how the right operational infrastructure can help your firm navigate these challenges, or contact Christopher directly to hear more about the tax implications.\u00a0<\/em><\/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<div class=\"elementor-element elementor-element-6ea5689 elementor-widget elementor-widget-spacer\" data-id=\"6ea5689\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div 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For more information, visit our <a href=\"https:\/\/www.ewmglobal.com\/site\/privacy-practices\/\">Privacy Policy.<\/a><\/label>\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<div class=\"elementor-field-type-recaptcha elementor-field-group elementor-column elementor-field-group-field_05390de elementor-col-100\">\n\t\t\t\t\t<div class=\"elementor-field\" id=\"form-field-field_05390de\"><div class=\"elementor-g-recaptcha\" data-sitekey=\"6Ld4qGAsAAAAAE4L1JN0VZRztAuabWnG-8vWYk7E\" data-type=\"v2_checkbox\" data-theme=\"light\" data-size=\"normal\"><\/div><\/div>\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<div class=\"elementor-field-group elementor-column elementor-field-type-submit elementor-col-20 e-form__buttons\">\n\t\t\t\t\t<button class=\"elementor-button elementor-size-sm\" type=\"submit\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-button-icon\">\n\t\t\t\t\t\t\t\t\t<i aria-hidden=\"true\" 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elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-f936700 elementor-widget elementor-widget-spacer\" data-id=\"f936700\" 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-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=\"Carried Interest Reform: The Tax Change That Lands on HR&#8217;s Desk\"\n\t\t\t\tsrc=\"https:\/\/www.ewmglobal.com\/site\/wp-content\/uploads\/2026\/06\/shutterstock_729607732-682x1024.jpg\"\/>\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\/carried-interest-reform-the-tax-change-that-lands-on-hrs-desk\/\" 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\/carried-interest-reform-the-tax-change-that-lands-on-hrs-desk\/\" aria-hidden=\"true\" >\n\t\t\t\tCarried Interest Reform: The Tax Change That Lands on HR&#8217;s Desk\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=\"2026-06-23T12:01:21+00:00\">June 23, 2026<\/time><time class=\"anwp-pg-updated\" datetime=\"2026-06-23T12:01:27+00:00\">June 23, 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=\"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-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 Sponsors the 2026 Private Funds CFO Network New York Forum with TMF Group\"\n\t\t\t\tsrc=\"https:\/\/www.ewmglobal.com\/site\/wp-content\/uploads\/2026\/02\/6295.jpg\"\/>\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\/ewm-global-sponsors-2026-private-funds-cfo-new-york-forum\/\" 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\/ewm-global-sponsors-2026-private-funds-cfo-new-york-forum\/\" aria-hidden=\"true\" >\n\t\t\t\tEWM Global Sponsors the 2026 Private Funds CFO Network New York Forum with TMF Group\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=\"2026-02-05T20:38:29+00:00\">February 5, 2026<\/time><time class=\"anwp-pg-updated\" datetime=\"2026-02-05T20:46:33+00:00\">February 5, 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-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 2025 Private Markets Incentives Summit in New York City\"\n\t\t\t\tsrc=\"https:\/\/www.ewmglobal.com\/site\/wp-content\/uploads\/2025\/11\/USE-WS-Panel-3-1024x683.jpg\"\/>\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\/ewm-global-2025-private-markets-incentives-summit-new-york\/\" 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\/ewm-global-2025-private-markets-incentives-summit-new-york\/\" aria-hidden=\"true\" >\n\t\t\t\tEWM Global 2025 Private Markets Incentives Summit in New York City\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=\"2025-11-13T14:04:52+00:00\">November 13, 2025<\/time><time class=\"anwp-pg-updated\" datetime=\"2026-04-02T20:37:13+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\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 UK\u2019s carried interest reform, which came into force on 6 April 2026, changed the way an investment manager\u2019s carry is taxed. While fundamentally a tax change, the new rules create a significant operational demand: fund managers need to be able to produce accurate data on investments, an individual\u2019s UK workdays, the split between carry and co-investment, and the calculation of returns. In practice, much of this sits with HR departments and fund administrators. For those teams, responding effectively will depend on having the right platform in place, supported by expert tax advice.<\/p>\n","protected":false},"author":9,"featured_media":13529,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"elementor_header_footer","format":"standard","meta":{"ocean_post_layout":"","ocean_both_sidebars_style":"","ocean_both_sidebars_content_width":0,"ocean_both_sidebars_sidebars_width":0,"ocean_sidebar":"","ocean_second_sidebar":"","ocean_disable_margins":"enable","ocean_add_body_class":"","ocean_shortcode_before_top_bar":"","ocean_shortcode_after_top_bar":"","ocean_shortcode_before_header":"","ocean_shortcode_after_header":"","ocean_has_shortcode":"","ocean_shortcode_after_title":"","ocean_shortcode_before_footer_widgets":"","ocean_shortcode_after_footer_widgets":"","ocean_shortcode_before_footer_bottom":"","ocean_shortcode_after_footer_bottom":"","ocean_display_top_bar":"default","ocean_display_header":"default","ocean_header_style":"","ocean_center_header_left_menu":"","ocean_custom_header_template":"","ocean_custom_logo":0,"ocean_custom_retina_logo":0,"ocean_custom_logo_max_width":0,"ocean_custom_logo_tablet_max_width":0,"ocean_custom_logo_mobile_max_width":0,"ocean_custom_logo_max_height":0,"ocean_custom_logo_tablet_max_height":0,"ocean_custom_logo_mobile_max_height":0,"ocean_header_custom_menu":"","ocean_menu_typo_font_family":"","ocean_menu_typo_font_subset":"","ocean_menu_typo_font_size":0,"ocean_menu_typo_font_size_tablet":0,"ocean_menu_typo_font_size_mobile":0,"ocean_menu_typo_font_size_unit":"px","ocean_menu_typo_font_weight":"","ocean_menu_typo_font_weight_tablet":"","ocean_menu_typo_font_weight_mobile":"","ocean_menu_typo_transform":"","ocean_menu_typo_transform_tablet":"","ocean_menu_typo_transform_mobile":"","ocean_menu_typo_line_height":0,"ocean_menu_typo_line_height_tablet":0,"ocean_menu_typo_line_height_mobile":0,"ocean_menu_typo_line_height_unit":"","ocean_menu_typo_spacing":0,"ocean_menu_typo_spacing_tablet":0,"ocean_menu_typo_spacing_mobile":0,"ocean_menu_typo_spacing_unit":"","ocean_menu_link_color":"","ocean_menu_link_color_hover":"","ocean_menu_link_color_active":"","ocean_menu_link_background":"","ocean_menu_link_hover_background":"","ocean_menu_link_active_background":"","ocean_menu_social_links_bg":"","ocean_menu_social_hover_links_bg":"","ocean_menu_social_links_color":"","ocean_menu_social_hover_links_color":"","ocean_disable_title":"on","ocean_disable_heading":"default","ocean_post_title":"","ocean_post_subheading":"","ocean_post_title_style":"","ocean_post_title_background_color":"","ocean_post_title_background":0,"ocean_post_title_bg_image_position":"","ocean_post_title_bg_image_attachment":"","ocean_post_title_bg_image_repeat":"","ocean_post_title_bg_image_size":"","ocean_post_title_height":0,"ocean_post_title_bg_overlay":0.5,"ocean_post_title_bg_overlay_color":"","ocean_disable_breadcrumbs":"off","ocean_breadcrumbs_color":"","ocean_breadcrumbs_separator_color":"","ocean_breadcrumbs_links_color":"","ocean_breadcrumbs_links_hover_color":"","ocean_display_footer_widgets":"default","ocean_display_footer_bottom":"default","ocean_custom_footer_template":"","ocean_post_oembed":"","ocean_post_self_hosted_media":"","ocean_post_video_embed":"","ocean_link_format":"","ocean_link_format_target":"self","ocean_quote_format":"","ocean_quote_format_link":"post","ocean_gallery_link_images":"on","ocean_gallery_id":[],"footnotes":""},"categories":[8],"tags":[],"class_list":["post-13527","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-industry-insights","entry","has-media"],"yoast_head":"<!-- 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