In this edition of UK Tax Snapshot, we cover the upcoming UK Budget on 26 November and discuss possible tax measures. We give an update on the territorial aspects of the new carried interest regime, note increased HMRC scrutiny in relation to cross-border debt financing and transfer pricing, and comment on developments in compliance that may impact investing in the UK including the UK’s response to Trump’s tariffs. We also provide an update on the FIG regime and reforms to UK inheritance tax.