&2iOct 16, 2023
"...managers of these “buyout” funds ... still pay tax at a sweetheart rate of 28% rather than the 47% they should pay... deal has continued for 36 years, at a cost to the Exchequer... of around £420m a year – enough to pay the salary of 16,000 nurses... HMRC has now conceded ... that the money ... “would be taxable" ... This admission means the policy can now be reversed – collecting back taxes – without the need for any legislation."
https://goodlawproject.org/update/private-equitys-sweetheart-deal-with-tax-authorities-was-always-a-charade/?mc_cid=c0eca26a4a
#tax #HMRC #carriedInterest
Private equity’s sweetheart deal with tax authorities was always a ‘charade’ - Good Law Project

Good Law Project
AndiiOct 16, 2023
"...managers of these “buyout” funds ... still pay tax at a sweetheart rate of 28% rather than the 47% they should pay... deal has continued for 36 years, at a cost to the Exchequer... of around £420m a year – enough to pay the salary of 16,000 nurses... HMRC has now conceded ... that the money ... “would be taxable" ... This admission means the policy can now be reversed – collecting back taxes – without the need for any legislation."
https://goodlawproject.org/update/private-equitys-sweetheart-deal-with-tax-authorities-was-always-a-charade/?mc_cid=c0eca26a4a
#tax #HMRC #carriedInterest
Private equity’s sweetheart deal with tax authorities was always a ‘charade’ - Good Law Project

Good Law Project
Andii אַנדִֽיOct 16, 2023
"...managers of these “buyout” funds ... still pay tax at a sweetheart rate of 28% rather than the 47% they should pay... deal has continued for 36 years, at a cost to the Exchequer... of around £420m a year – enough to pay the salary of 16,000 nurses... HMRC has now conceded ... that the money ... “would be taxable" ... This admission means the policy can now be reversed – collecting back taxes – without the need for any legislation."
https://goodlawproject.org/update/private-equitys-sweetheart-deal-with-tax-authorities-was-always-a-charade/?mc_cid=c0eca26a4a
#tax #HMRC #carriedInterest
Private equity’s sweetheart deal with tax authorities was always a ‘charade’ - Good Law Project

Good Law Project
Show threadCory DoctorowJul 20, 2023

On top of this, private equity bosses get to use the #CarriedInterest tax loophole, a scam that lets them treat this ordinary income as a capital gain, so they can pay half the taxes that a working stiff would pay on a regular salary.

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Show threadCory DoctorowJun 2, 2023

Tkacik is frustrated that neither of these books have much to offer by way of solutions, but she understands why that would be. If close the #CarriedInterest tax loophole, how can we hope to do *anything* meaningful?

"Carried interest" comes up in every election cycle. Most of us assume it has something to do with "interest payments," but that's not true. The carried interest loophole relates to the "interest" that 16th-century sea captains had in their cargo.

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