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This edition of the Technical Update covers UK Private Capital’s engagement with officials on the draft guidance on the carried interest rules as well as the organisation’s input on the deferral of tax adviser registration rules.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.

This edition of the Technical Update covers the UK Private Capitals case for the Scale-up Reinvestment Relief as well as the FCA’s finalisation of Phase 1 of the SMCR reforms. We also highlight further calls to reform competition policy and our work urging the Government to consider reforms to the unfair dismissal cap. Finally, we highlight UK Private Capital’s new report on how private capital is key to the green transition, an inquiry into HM Treasury’s role in environment and climate policy and more.

This edition of the Technical Update covers an overview of the new carried interest regime, an update on tax adviser registration rules for financial services businesses and a recent consultation on uncertain tax treatments. We also highlight key areas of engagement with the FCA, including its remuneration survey and Value for Money Framework, as well as Government on national security and foreign investment, and the launch of UK Private Capital’s Sustainability Reporting Hub, and more

This edition of the Technical Update covers UK Private Capital’s calls for tax changes to support UK scale-ups and entrepreneurs and UK Private Capital’s engagement with officials on new tax adviser registration rules. We also highlight the association’s input into DBT’s Climate-related Financial Disclosures Post Implementation Review, our response to the FCA’s consultation on enhancing fund liquidity, the Government’s release of the outcome to the Sustainability Assurance Oversight Regime consultation and more.

This edition of the Technical Update covers the Parliamentary debate on carried interest, the key 2026 regulatory reforms in the updated FCA Regulatory Initiatives Grid and the Bank of England’s updated SWES private market exercises. We also highlight that the CMA is seeking views on merger efficiencies through consultation and stakeholder roundtables, the launch of the new Sustainability Committee and Taskforces as well as the Government’s updated plans on the audit market reform and more.

In this final Policy & Technical Update for 2025, we cover the FCA’s consultation on modernising MiFID client categorisation, the FCA finalisation of rules for the CCI retail disclosure regime and the re-launch of the NSI Expert Panel. We also highlight the Government’s consultation on non-compete clauses in employment contracts, the launch of PERG’s annual reports disclosure and transparency under the Walker Guidelines, the launch of the new Sustainability Committee in 2026, the Invest in Women taskforce report and more.

This edition of the Technical Update covers the Government’s recent announcements on the changes to the EIS and VCT schemes, the expansion of EMI options, and changes to EMI/CSOP rules for PISCES and the FRC’s consultation on fund tokenisation. We also highlight BVCA’s consultation response on merger remedies guidance, the Governments publication of The Carbon Budget and Growth Delivery Plan, the Bank of England’s launch of the Private Markets System-Wide Exploratory Scenario and more.

This edition of the Technical Update covers the BVCA’s Budget Representation, the BVCA urging Government not to tax partnership profits, the FCA’s promise of clarifications on the application of Consumer Duty to wholesale firms, and the proposed SMCR simplifications. We also highlight recent announcements on the BVCA’s response to the consultation on the NSI Act Notifiable Acquisition Regulation, the EU streamlining of sustainability reporting and due diligence requirements, and more.

This edition of the Technical Update covers the BVCA’s response to the Government’s consultation on draft legislation for carried interest changes, ideas for reforms to EIS and VCTs and the BVCA’s response on UK Sustainability Reporting Standards. We also cover recent announcements relating to the UK Government’s Transition Plan requirements, HMT’s consultation on Money Laundering Regulations proportionality enhancements and shortened firm authorisation deadlines.

This edition of the Technical Update covers the BVCA’s engagement on carried interest and the payments on account regime, the Government’s consultation on PISCES and the CMA’s consultation on its markets regime guidance. We also cover recent announcements relating to the FCA’s findings from their recent SME audit market study, the launch of the new Transition Finance Guidelines and other live consultations on our agenda.

This edition of the Technical Update covers the publishing of the carried interest draft legislation, the need for government to create a tax system to support start-ups, an inquiry into the growth of private markets, and the FCA's issuing of new rules and draft guidance to tackle NonFinancial Misconduct. We also cover recent announcements relating to the consultation on the NSI Act Notifiable Acquisition Regulation, the government’s decision to not adopt a UK-specific Green Taxonomy, the DESNZ’s consultation on raising integrity in Voluntary Carbon and Nature Markets and other live consultations on our agenda.

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 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.