In January 2021, Her Majesty’s Treasury (HMT) issued a call for input (Call for Input) in connection with a broad review of the U.K.’s funds regime. The 38 questions contained in the Call for Input focused on three broad areas, including the U.K. approaches to taxation and regulation of funds, as well as opportunities for wider reform. HMT recently published a summary of the responses it received (Report), which also includes HMT’s perspectives on those responses, discussion of the reforms that are in process and the areas in which HMT plans to consult further or take concrete action. This article distills the key takeaways from the Report. See “Recent Developments in Fund Structuring and Marketing in the E.U., U.K. and Asia” (May 27, 2021); and “U.K. Treasury to Amend Private Fund Limited Partnership Structure to Address Consultation Responses” (Apr. 21, 2016).