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We are excited to be hosting our fifth annual Alternative Insights Summit on Thursday 18 June.

The Upper Tribunal (Tax and Chancery Chamber) (UT) has dismissed Barclays' appeal against the decision of the First-tier Tribunal (Tax Chamber) (FTT) upholding HMRC's refusal to allow a US company, Barclays Services Corporation (BSC), a member of Barclays' corporate group, to join Barclay's UK value added tax (VAT) group. The main reason for refusing the application was that the US company's registered branch in the UK was not a 'fixed establishment'.

Travers Smith LLP has announced today the promotion of three lawyers to its partnership, with effect from 1 July 2026.

Travers Smith has advised Capital Group on the launch of Capital Group KKR Global Multi-Sector+ (the Fund), the first sub-fund of the Luxembourg investment vehicle Capital Group Alternative Investments Funds.

A regular briefing for the alternative asset management industry. 

Since 6 April 2026, the UK has had a new regime under which all carried interest is taxed as trading income, regardless of the underlying nature of the return. As it is trading income, the starting position is that it is taxed at rates of up to 47% (45% income tax plus 2% national insurance contributions). However, provided the carried interest is "qualifying", a bespoke effective rate of around 34.1% applies.

The US LLC is a popular business vehicle, particularly in the private capital sector. However, its current UK tax treatment can give rise to effective double taxation for members who are UK resident individuals.

Travers Smith has advised on UK and EU financial regulatory aspects of an initial $35 billion capital solution as part of Broadcom's new AI XPV Platform, led by Apollo-managed funds and affiliates in partnership with Blackstone and leading global banks. The transaction represents the largest private financing ever executed and is designed to enable over 20GW in compute capacity for leading frontier AI labs through 2028.

Travers Smith has advised UK based independent power producer Enviromena on a Holdco debt financing facility of up to £175 million with Eiffel Investment Group, a prominent European independent asset manager specialising in infrastructure financing and energy transition.

Geopolitical pressures, technological disruption and shifting energy markets are reshaping what it means to transition to a more sustainable economy. This edition examines how three sectors, energy, defence and digital, are navigating the transition and reviews the regulatory and financial framework that will determine whether the transition succeeds.