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HMRC: Close the private equity tax loophole!

Together with Dale Vince, founder of Ecotricity, we are launching a legal challenge against HMRC to close the £600m ‘carried interest’ loophole in tax paid by private equity fund managers.

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Case overview

Despite Britain being in the midst of a brutal cost of living crisis, some of the richest in society are failing to hand over their fair share of tax, thanks to a sweetheart deal between HM Revenue and Customs and private equity fund managers.

In 1987, representatives of the private equity industry successfully lobbied the Inland Revenue, now HMRC, to pay less tax. As a result, instead of paying income tax rate of 47%, private equity fund managers pay 28%.