[103KG Meaning of “arise” in Chapter 5]
Taxation of Chargeable Gains Act 1992 (1992 c 12) | Legislation

[103KG  Meaning of “arise” in Chapter 5]

[(1)     For the purposes of this Chapter, carried interest “arises” to an individual (“A”) if, and only if, it arises to him or her for the purposes of Chapter 5E of Part 13 of ITA 2007.

(2)     But section 809EZDB of ITA 2007 (sums arising to connected company or unconnected person) does not apply in relation to a sum of carried interest arising to—

(a)     a company connected with A, or

(b)     a person not connected with A,

where the sum is deferred carried interest in relation to A.

(3)     In this section, “deferred carried interest”, in relation to A—

(a)     means a sum of carried interest where the provision of the sum to A or a person connected with A is deferred (whether pending the meeting of any conditions (including conditions which may never be met) or otherwise), and

(b)     includes A's share (as determined on a just and reasonable basis) of any carried interest the provision of which to A and one or more other persons, taken together, has been deferred (whether pending the meeting of any conditions (including conditions which may never be met) or otherwise).

In this subsection,

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