Tax Talks

The Proskauer Tax Blog

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Catherine Sear

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Catherine Sear is a partner in the Tax Department and a member of the Private Funds Group. She specializes in the tax aspects of structuring and investing in private investment funds including private equity, venture capital, infrastructure, debt and real estate funds, funds of funds, secondary funds and other investment partnerships.

She advises sponsors and investors on a wide variety of UK and international tax issues related to private investment funds and their operations, including tax aspects of:

  • structuring and raising private investment funds
  • structuring carried interest and executive coinvestment arrangements
  • restructuring existing private investment funds
  • establishment and operation of fund management businesses
  • investments by institutional investors in private funds
  • separate accounts for institutional investors, acting for both fund managers and investors
  • secondary transactions, both buy-side and sell-side
  • coinvestment structures

Catherine advises on a broad range of UK tax issues including VAT, employment tax, capital gains tax in relation to partnerships, withholding taxes and tax rules relating to carried interest. She also has considerable knowledge of international tax issues arising for investment structures with a cross-border dimension and experience with multijurisdictional fund management teams.

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BlueCrest FTT Decision –  Salaried Member Rules and Asset Managers

By Stephen Pevsner, Robert E. Gaut, Catherine Sear and David M. Ward on Posted in In the news, Tax Policy, UK Tax
The recent decision of the First-tier Tribunal (FTT) in BlueCrest Capital Management (UK) LLP v HMRC (29 June 2022) is the first time the UK’s salaried member rules (the Rules) have been considered in the context of an asset management limited liability partnership (LLP). BlueCrest is engaged in providing hedge fund investment management services. In … Continue Reading

UK Tax Round Up

By Catherine Sear, Robert E. Gaut and Stephen Pevsner on Posted in UK Tax
UK General Tax Developments HMRC updates guidance on what constitutes “ordinary share capital” Following the decision by the First-tier Tribunal (FTT) in Warshaw V HMRC, reported in our UK tax blog earlier this month, HMRC has updated its guidance on what constitutes “ordinary share capital” for the purposes of most tax provisions using that term. As well as … Continue Reading

UK Tax Round Up: March 2018

By Catherine Sear, Robert E. Gaut and Stephen Pevsner on Posted in Corporate tax, International Taxation, UK Tax
Welcome to the March edition of the Proskauer UK Tax Round Up. As promised, the Spring Statement from the Chancellor focused on the economy and public finances without any major tax announcements. However, a few interesting consultation and position papers were published. We have summarised these below along with a handful of other developments since … Continue Reading

Failure to Prevent the Facilitation of Tax Evasion: New United Kingdom Corporate Criminal Offence

By Catherine Sear, Robert E. Gaut and Stephen Pevsner on Posted in Compliance, UK Tax
Background As mentioned in our July 2017 edition of UK Tax Round Up, the UK has enacted a new corporate criminal offence of failing to prevent the facilitation of tax evasion. The law comes into effect on 30th September 2017, and businesses should ensure that they have considered its impact before then. A risk assessment … Continue Reading
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