With effect from 8th July, 2015, UK resident investment management executives will pay capital gains tax on all their carried interest returns from investment funds (with the rate currently set at 28% for higher and additional rate taxpayers). The overall rate may in many cases be higher, since items of income such as interest and dividends remain liable to income tax. In addition, those who are not domiciled in the UK (“non-doms”) will no longer be able to benefit from the remittance basis of taxation in relation to their carried interest returns to the extent that they perform the relevant investment management services inside the UK. Further details are set out in our client memorandum of 16th July, 2015 (UK Summer Budget 2015).