[809EZC Meaning of “carried interest” in section 809EZB]
Income Tax Act 2007 (2007 c 3) | Legislation

[809EZC  Meaning of “carried interest” in section 809EZB]

[(1)     For the purposes of section 809EZB “carried interest” means a sum which arises to the individual under the arrangements by way of profit-related return.

This is subject to subsections (3) to (8) (sums where no significant risk of not arising); and see also section 809EZD (sums treated as carried interest).

(2)     A sum which arises to the individual under the arrangements does so by way of “profit-related return” if under the arrangements—

(a)     the sum is to, or may, arise only if—

(i)     there are profits for a period on the investments, or on particular investments, made for the purposes of the scheme, or

(ii)     there are profits arising from a disposal of the investments, or of particular investments, made for those purposes,

(b)     the amount of the sum which is to, or may, arise is variable, to a substantial extent, by reference to those profits,

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