UK carried interest June consultation update: DLA Piper’s insights

As part of the UK government's ongoing consultation process to reform the tax treatment of carried interest, the government published its updated response and policy proposal on 5 June 2025.

DLA Piper is among a select group of advisors and stakeholders that have engaged in additional discussions with HMRC and HM Treasury regarding the proposed changes. We have also submitted written responses to the prior consultation questions.

This article summarises the key takeaways from the June consultation document, and our view on what these changes mean for fund managers.