Carried interest (or carry) meaning

Is listed building consent required? Section 7 of the Planning (Listed Buildings and Conservation Areas) Act 1990 (P(LBCA)A 1990) in England, and section 88 of the Historic Environment (Wales) Act 2023 (HE(W)A 2023) in Wales from 4 November 2024, provide that no person may carry out, or cause to be carried out, any works comprising: the demolition of a listed building; or its alteration or extension in any way that would affect its character as a building of special architectural or historic interest, unless those works are authorised by listed building consent. Whether proposed works affect the building’s character is a matter of individual judgement, and opinions may vary between the owner, interested parties and the local planning authority (LPA). Alterations that do not require planning permission may still need listed building consent; for instance, internal changes that are not ‘development’ within section 55 of the Town and Country Planning Act 1990 can nonetheless require listed building consent...

FORTHCOMING CHANGE relating to the tax treatment of carried interest: After a call for evidence on the taxation of carried interest conducted over summer 2024, the Autumn Budget 2024 formally confirmed plans to bring in a redesigned regime for carried interest from 6 April 2026, positioned within the income tax system and accompanied by tailored provisions to reflect the reward’s distinctive attributes. A consultation then explored possible new qualifying criteria for entry to the regime, and the government published its response in June 2025. Draft legislation setting out the new carried interest rules was released on 21 July 2025, intended for inclusion in Finance Bill 2026. The regime is to apply to carried interest arising on or after 6 April 2026. These measures were reaffirmed at the 26 November 2025 Budget, which also noted that revisions had been made to the draft legislation following stakeholder input. In the meantime, ahead of commencement of the new framework, the capital gains tax rate applicable to carried interest was increased to 32%...

Introduction The Habitats Regulations Assessment (HRA) requires the evaluation of any ‘plans or projects’ that could have a ‘likely significant effect’ on a European site. Such proposals may proceed only when the competent authority is satisfied they will not result in an ‘adverse effect on the integrity of a European site’. Where adverse effects are found, or where their consequences remain uncertain, permission can be given solely if particular ‘derogations’ apply. See Practice Notes: Implementation of the EU Habitats Directive in England and Wales and Appropriate assessment/habitats regulations assessment. Screening Is the proposed activity a 'plan or project'? The HRA applies only where the proposal amounts to a ‘plan or project’. Although the legislation does not define these expressions, they are commonly afforded a very broad interpretation, encompassing a wide range of activities and circumstances. If the proposal is not a plan or project, there is no requirement to carry out screening to decide whether an appropriate assessment is needed. However, separate authorisations—such as planning permission—may still...

FORTHCOMING CHANGE relating to the tax treatment of carried interest: After a call for evidence on the taxation of carried interest undertaken during summer 2024, the Autumn Budget 2024 announced plans to introduce an overhauled carried interest regime from 6 April 2026 within the income tax framework, accompanied by bespoke rules recognising the distinctive nature of this reward. This was followed by a consultation considering possible new qualifying conditions for entry to the regime, to which the government published its response in June 2025. On 21 July 2025, draft legislation setting out the regime was released for inclusion in Finance Bill 2026. The provisions will take effect for carried interest arising on or after 6 April 2026. These measures were confirmed at the Budget on 26 November 2025, which also noted amendments to the draft to reflect stakeholder feedback. In the meantime, ahead of the new regime taking effect, the capital gains tax rates applicable to carried interest were raised to 32% with effect from 6 April 2025. For...

This limited partnership Agreement is entered into on [ insert day and month ] 20[ insert year ] Parties [ insert name of general partner ] of [ insert address ] (the General Partner); and Each of the persons named in Schedule 1, Part B. BACKGROUND The Limited Partnership is registered as a limited partnership and designated as a private fund limited partnership in England under the LPA 1907 with number LP [ insert number ]. The General Partner has agreed to act as the general partner of the Limited Partnership and to manage the business of the Limited Partnership, and the Limited Partners have agreed to make Contributions to the Limited Partnership on the terms set out below. The General Partner and the Limited Partners intend that the Limited Partnership will carry on the Business and agree to regulate the affairs of the Limited Partnership on the terms set out below. ...

This Limited Partnership Agreement is entered into on [ insert day and month ] 20[ insert year ] by and between the parties set out below. Parties [ insert name of general partner ] of [ insert address ] (the General Partner); and Each of the persons whose names are listed in Schedule 1, Part B. BACKGROUND The Limited Partnership has been registered in England as a limited partnership under the LPA 1907 with number LP [ insert number ]. The General Partner has agreed to act as the general partner of the Limited Partnership and to manage, operate and administer the business of the Limited Partnership, and the Limited Partners have agreed to make Contributions to the Limited Partnership on the terms set out below. The General Partner and the Limited Partners wish the Limited Partnership to carry on the Business and agree that the affairs of the Limited Partnership shall be regulated in accordance with...