Good Law Project take legal action to close the £600 million private equity tax loophole
- On June 8, 2023
- By GrowthInvest Marketing
Good Law Project and Dale Vince, founder of Ecotricity, have launched a legal challenge against HM Revenue and Customs demanding the closure of a loophole which allows private equity fund managers to pay almost half the tax they should.
Back in 1987 the private equity industry successfully lobbied the Inland Revenue, now HMRC, to pay less tax. Their success meant that the money made by executive managers is classed as ‘capital gains’ and not ‘trading income’ – instead of paying a tax bill of around 40% that figure dropped considerably to 28%.*
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