One minute with Charlie Friend, winner of Tolley’s rising star award.
What’s keeping you busy at work?
Private equity fund activity is holding strong despite the ongoing uncertainty surrounding tariffs and other global unrest, so things remain busy on the M&A front. I’m currently working on a multi-billion pound deal which is requiring many late nights and lots of swotting up on tax regimes in jurisdictions I have not worked on before!
Congratulations on winning Tolley’s ‘rising star’ award. What do you know now that you wish you’d known at the start of your career?
That it is OK to try different things to find out what work you like to do. I have carried out a number of different roles as a tax adviser in my career to date, and that has given me a flavour of both working in practice and in industry.
Your career is a marathon, not a sprint, and you don’t need to say yes to everything to prove yourself. I have found that working sustainably, protecting my energy, setting boundaries and exploring trying new things actually makes me a better advisor in the long run.
I also believe that placing an emphasis on constantly learning from and teaching the people around you is key in this profession. There are always new problems to solve, and a really effective team is one that is not afraid to ask questions in order to fully understand the topic at hand.
If you could make one change to tax, what would it be?
If I could change one thing, it would be to radically simplify the tax code, starting with merging income tax and national insurance into one universal tax regime. The current system is so complex that even well-intentioned people often struggle to comply, which can undermine trust and increases the burden on HMRC. A simpler, clearer code would improve compliance, reduce avoidance and make tax feel fairer for everybody. It would encourage people into earning income in various ways without feeling overwhelmed by the tax complexities that come with entrepreneurship or income from investing, for example.
I’d go as far as to say that we should have the fundamentals of tax taught as part of the curriculum in schools! I believe it is something every single person should feel (somewhat) comfortable with, given that tax impacts our lives in so many ways.
Are there any new rules that are causing a particular problem?
The recent changes to carried interest are certainly something the private equity market is having to adjust to.
As we navigate the transitional period through to April 2026, moving to a position where 72.5% of carry will be taxed at higher effective tax rates as trading income (compared to previous years where it was mostly assessed to more preferential tax rates under the CGT regime), these changes to carry have become a big area of consideration when planning across the private equity industry.
While the headlines have focused on tax rate increases, the bigger challenge for many of us in private equity tax is the ripple effect it has on fund structuring, compensation models and cross-border planning. It demonstrates that tax is an ever-changing landscape and even if you do not directly work at the level of where new rules are impacting your day-to-day, you still have to consider the impact of the advice you give in the broader landscape. It is always interesting to see how changes in tax rules have a knock-on impact on the commercial thinking you apply in your advice; and, subsequently, the decisions clients make when structuring their investments.
You might not know this about me but...
Having not left the country or flown on a plane until I turned 18, I went on to visit 30 different countries by the time I turned 30. My first trip was to the US on a sixth form excursion where only 15 students from across the country got to go on a rocket science trip to the various NASA centres. It was a nice introduction to seeing what the wider world had to offer, and I have loved travelling ever since.
One minute with Charlie Friend, winner of Tolley’s rising star award.
What’s keeping you busy at work?
Private equity fund activity is holding strong despite the ongoing uncertainty surrounding tariffs and other global unrest, so things remain busy on the M&A front. I’m currently working on a multi-billion pound deal which is requiring many late nights and lots of swotting up on tax regimes in jurisdictions I have not worked on before!
Congratulations on winning Tolley’s ‘rising star’ award. What do you know now that you wish you’d known at the start of your career?
That it is OK to try different things to find out what work you like to do. I have carried out a number of different roles as a tax adviser in my career to date, and that has given me a flavour of both working in practice and in industry.
Your career is a marathon, not a sprint, and you don’t need to say yes to everything to prove yourself. I have found that working sustainably, protecting my energy, setting boundaries and exploring trying new things actually makes me a better advisor in the long run.
I also believe that placing an emphasis on constantly learning from and teaching the people around you is key in this profession. There are always new problems to solve, and a really effective team is one that is not afraid to ask questions in order to fully understand the topic at hand.
If you could make one change to tax, what would it be?
If I could change one thing, it would be to radically simplify the tax code, starting with merging income tax and national insurance into one universal tax regime. The current system is so complex that even well-intentioned people often struggle to comply, which can undermine trust and increases the burden on HMRC. A simpler, clearer code would improve compliance, reduce avoidance and make tax feel fairer for everybody. It would encourage people into earning income in various ways without feeling overwhelmed by the tax complexities that come with entrepreneurship or income from investing, for example.
I’d go as far as to say that we should have the fundamentals of tax taught as part of the curriculum in schools! I believe it is something every single person should feel (somewhat) comfortable with, given that tax impacts our lives in so many ways.
Are there any new rules that are causing a particular problem?
The recent changes to carried interest are certainly something the private equity market is having to adjust to.
As we navigate the transitional period through to April 2026, moving to a position where 72.5% of carry will be taxed at higher effective tax rates as trading income (compared to previous years where it was mostly assessed to more preferential tax rates under the CGT regime), these changes to carry have become a big area of consideration when planning across the private equity industry.
While the headlines have focused on tax rate increases, the bigger challenge for many of us in private equity tax is the ripple effect it has on fund structuring, compensation models and cross-border planning. It demonstrates that tax is an ever-changing landscape and even if you do not directly work at the level of where new rules are impacting your day-to-day, you still have to consider the impact of the advice you give in the broader landscape. It is always interesting to see how changes in tax rules have a knock-on impact on the commercial thinking you apply in your advice; and, subsequently, the decisions clients make when structuring their investments.
You might not know this about me but...
Having not left the country or flown on a plane until I turned 18, I went on to visit 30 different countries by the time I turned 30. My first trip was to the US on a sixth form excursion where only 15 students from across the country got to go on a rocket science trip to the various NASA centres. It was a nice introduction to seeing what the wider world had to offer, and I have loved travelling ever since.
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