The UK Labour party has announced plans to crackdown on the private equity tax “loophole”.
The reforms would focus on carried interests, with Labour proposing to tax the returns on investment as salary.
However, Tom Whelan, a partner at law firm McDermott Will & Emery, explained that carried interest is not a form of bonus, but is actually a return on investment which only becomes payable once a minimum return threshold has been hit for fund investors.
It is...
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