The Labour government's pre-election manifesto contained a broad pledge not to raise taxes. It did, however, explicitly set out a small number of exceptions. One of these was a commitment "to close the carried interest loophole" and raise more tax from private equity and other long term fund managers. The manifesto was very light on how this would be achieved but one budget and a consultation later, the picture is much clearer, although full details will need to wait until draft legislation is published soon.