http://www.legislation.gov.uk/ukpga/2007/3/part/13/chapter/5FIncome Tax Act 2007An Act to restate, with minor changes, certain enactments relating to income tax; and for connected purposes.texttext/xmlenStatute Law Database2026-08-13Expert Participation2026-07-15
Income Tax Act 2007s. 788(7)Legal Services Act 2007Sch. 21 para. 161(b)s. 29 192 193s. 211(2)art. 2(h)
Part 13Tax avoidanceCHAPTER 5FIncome-based carried interest<Emphasis>Income-based carried interest</Emphasis>Overview809FZA. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Income-based carried interest: general rule809FZB. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .<Emphasis>Average holding period</Emphasis>Average holding period809FZC. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .<Emphasis>Average holding period: disposals</Emphasis>Disposals809FZD. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Part disposals809FZE. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Unwanted short-term investments809FZF. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .<Emphasis>Average holding period: derivatives and hedging</Emphasis>Derivatives809FZG. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Hedging: exchange gains and losses809FZH. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Hedging: interest rates809FZI. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .<Emphasis>Average holding period: aggregation of acquisitions and disposals</Emphasis>Significant interests809FZJ. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Venture capital funds809FZK. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Significant equity stake funds809FZL. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Controlling equity stake funds809FZM. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Real estate funds809FZN. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Funds of funds809FZO. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Secondary funds809FZP. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .<Emphasis>Direct lending funds</Emphasis>Direct lending funds809FZQ. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Direct lending funds: exception809FZR. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .<Emphasis>Conditionally exempt carried interest</Emphasis>Conditionally exempt carried interest809FZS. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Carried interest which ceases to be conditionally exempt809FZT. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .<Emphasis>Supplementary</Emphasis>Employment-related securities809FZU. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .“Loan to own” investments809FZV. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Anti-avoidance809FZW. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Treasury regulations809FZX. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .“Reasonable to suppose”809FZY. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .<Emphasis>Interpretation</Emphasis>Interpretation of Chapter 5F809FZZ. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Pt. 13 Ch. 5F omitted (for the tax year 2026-27 and subsequent tax years (but in relation to investment management services whenever performed)) by virtue of Finance Act 2026 (c. 11), s. 58(6), Sch. 11 para. 3(9)