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26 November 2025

Private equity tax update | Q3 and Q4 2025

This Alert highlights important tax topics relevant to private equity that arose in Germany, the UK, Italy, Luxembourg, the Netherlands, Portugal and Ireland in the second half of 2025.

Specifically, the developments summarized in the Alert include: a decree on the Reorganization Act and the tax treatment of transaction costs in Germany, the taxation of carried interest in the UK, capital gains from an indirect sale in Italy, the reverse hybrid exemption for collective investment vehicles and carried interest in Luxembourg, carried interest and Budget Day in the Netherlands, the investment fostering cycle in Portugal and a settlement opportunity for misclassified contractors in Ireland.

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Attachment

EY EMEIA Private equity tax newsletter

Document ID: 2025-2379

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