Income Tax (Trading and Other Income) Act 2005 section 863K

Vesting statements

Section 863K gives a partner whose variable remuneration (represented by allocated profit) vests in them the right to request a detailed tax statement from the AIFM firm.

• When all or part of the variable remuneration represented by allocated profit vests in the individual partner (P), they may request a written statement from the AIFM firm.
• The statement must show the gross allocated profit before income tax, the total income tax the AIFM firm is liable for, and how much of that tax has been paid by the time of vesting.
• The partner has the legal right to enforce the firm's duty to provide the statement.
• Where the firm is a limited liability partnership, the enforcement duty falls on the body corporate itself.