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This week, UK Private Capital’s Invest Yorkshire and North East Forum brought together 120 investors, policymakers and local stakeholders to celebrate the role private capital investment plays in supporting economic growth in the UK’s nations and regions.

UK Private Capital has called on HMRC to make changes to the draft guidance on the new carried interest regime to take account of the diversity of structures used by the industry.

This edition includes articles on the UK's new carried interest regime, key changes introduced by the Employment Rights Act 2025, the FCA’s increasing focus on private markets, the IPEV Guidelines, sustainability reporting developments and more.

This edition of the Technical Update covers UK Private Capital’s engagement with officials on the draft guidance on the carried interest rules as well as the organisation’s input on the deferral of tax adviser registration rules. We also highlight HMT’s shorter FCA authorisation deadlines and the Pension Schemes Bill’s Royal Assent. Finally, we have recently published the May edition of our bi-annual Policy and Technical Bulletin which covers the key topics on our committees’ agendas, how they impact the private capital industry and how UK Private Capital and committee members are engaging with policymakers and regulators.

A defining theme of last week’s Accelerate conference was the surge in AI investment and its power to reshape the global economy.

The Secretary of State for Science, Technology and Innovation, Rt Hon Liz Kendall MP emphasised the importance of celebrating venture capital’s impact on the economy during her appearance at Accelerate 2026.