Consultation outcome

Taxation of performance linked rewards paid to asset managers

This consultation has concluded

Download the full outcome

Taxation of performance linked rewards paid to asset managers - summary of responses

This file may not be suitable for users of assistive technology. Request an accessible format.

If you use assistive technology (such as a screen reader) and need a version of this document in a more accessible format, please email Please tell us what format you need. It will help us if you say what assistive technology you use.

Detail of outcome

A summary of responses to the consultation announced at Summer Budget on performance linked rewards paid to asset managers. This accompanies the publication of draft legislation.

Original consultation


A consultation to‎ clarify the tax treatment of rewards paid to investment fund managers.

This consultation ran from

Consultation description

Individuals who manage investment funds often receive a reward for the successful performance of the fund. This consultation to‎ determine the tax treatment of this reward.

At Budget 2015, the the government announced that HM Revenue and Customs would consult on proposals to legislate to ensure that individuals who manage funds where the underlying activities are more aligned with trading than investing pay full Income Tax on any performance fee/carried interest they receive.


Published 8 July 2015
Last updated 9 December 2015 + show all updates
  1. Added summary of responses.
  2. First published.