Policy & Technical Publications

This edition of the Technical Update covers the Government’s update on the carried interest regime, the US Government’s retaliatory tax measures, the launch of the FCA’s PISCES sandbox, the Government’s review of the NSIA and the Government’s call for more ambition on the future regulation of UK AIFMs. We also cover recent announcements relating to the FCA backing down on the “name and shame” proposal, the BVCA response to ISSB consultation designed to ease emissions reporting burdens, the DENSZ consultation on raising integrity in Voluntary carbon and nature markets and a consultation on UK’s draft Sustainability Reporting Standards and other live consultations on our agenda.

This edition of the Technical Update covers the BVCA’s response HMRC’s consultation on the proposed introduction of a system of advance clearances for companies seeking to use R&D tax relief, the CMA’s call for evidence on merger remedies, and the development of a new education resource as part of the BVCA’s Data Standardisation Project. We also highlight the Government’s Pensions Investment Review, proposals to allow existing Enterprise Management Incentive (EMI) and Company Share Option Plan (CSOP) contracts to include PISCES as an exercisable event, while retaining their tax advantages, the publication of the FRC’s Stewardship Code and discussion paper on Opportunities for Future UK Digital Reporting, and other live consultations on our agenda.

This edition includes articles on carried interest reform, the FCA’s proposals for the Consumer Composite Investment regime, recent engagement with the Competition and Markets Authority, the FCA’s review of private market valuations and more.

This edition of the Policy & Technical Update covers the BVCA’s recent webinar with the FCA on the regulator’s review of private market valuation practices, a letter to government regarding the upcoming draft Corporate Governance and Audit Reform Bill, the Spring Statement announcements and the Government’s consultation on the Equality (Race and Disability) Act. We also cover recent announcements relating to the Economic Crime and Corporate Transparency Act, HM Treasury and FCA’s proposed reform of AIFMD, BVCA’s nominations to the IPEV Board and live consultations on our agenda.

This edition of the Technical Update covers the BVCA webinar with representatives from the FCA on the Private Markets Valuation Review, the BVCA’s response to the FCA’s Consumer Composite Investment Disclosure proposals, engagement on the new rate of tax on carried interest, the European Commission’s consultation on Foreign Subsidies Regulation Guidelines and the launch of the BVCA’s new Diversity in UK Private Equity and Venture Capital report, in partnership with Level 20. This edition also covers the launch of the joint launch by the BVCA, City of London Corporation, the Impact Investing Institute and Better Society Capital of the Delivering Missions using Impact led Venture Capital (VC) and Private Equity (PE) Investment white paper, the FRC’s Strategy for 2025-28 and its Annual Business Plan and Budget for 2025-26, as well as live consultations on our agenda.

This edition of the Technical Update covers the BVCA’s response to the Government’s strategic steer to the CMA consultation, the Financial Conduct Authority (FCA) consultation on the Private Intermittent Securities and Capital Exchange System (PISCES), the FRC’s consultation on revisions to the Stewardship code and the launch of the BVCA’s updated Venture Capital Model Docs. We also highlight the BVCA’s continued engagement on carried interest reforms, the launch of the European Commission Omnibus proposals to simplify EU sustainability rules to enhance competitiveness and attract investment and other live consultations on our agenda.

This edition of the Technical Update covers the BVCA response as the Government consults on changes to the taxation of carried interest following the Autumn Budget statement on ​30​ ​October. We also highlight the BVCA’s submissions to the Government’s Pensions Investment Review following the Chancellor’s Mansion House Speech, the CMA’s Annual Plan consultation and the BVCA’s engagement as the Government consults on response to HM Treasury’s UK Green Taxonomy consultation.

The launch of the refreshed Walker Guidelines and annual reports feature in this edition of the Technical Update, following the publication by the BVCA and Private Equity Reporting Group (PERG) on 18 December. The BVCA continues to progress its response to the carried interest consultation announced in the Budget, with members invited to provide their insights through a dedicated member questionnaire.

Following the Chancellor of the Exchequer’s Mansion House Speech, this edition of the Technical Update covers the reforms to the UK pension system announced following the conclusion of the first phase of the Government’s Pension Investment Review. The BVCA engaged with the Government as part of the first phase of the Review and provided a written submission to the call for evidence.

The BVCA Policy & Technical Bulletin is a collection of in-depth articles by members of our Taxation, Legal, Regulatory and Accounting, Reporting & Governance committees, and the BVCA Policy team to keep BVCA members informed of the key topics on the committees’ agendas, how these impact the private equity and venture capital industry, and how the BVCA and committee members are engaging with policymakers.

Following the Autumn Budget statement on 30 October, this edition of the Technical Update covers the changes to the taxation of carried interest and other announcements set out by the Chancellor. This followed engagement with Labour, officials and others on the value of the private capital industry to the UK economy.