Oxford professor’s report highlights gentle treatment at time of heightened political scrutiny over ‘loophole’
The world’s largest private capital firms have avoided income taxes on more than $1tn in incentive fees since 2000 by structuring the payments in a way that subjected them to a much lower levy, according to new research from Oxford university.
Phalippou said in an interview with the Financial Times that his research was meant to show the enormous wealth created by high-fee private funds for a select group of influential billionaires mostly living in the US. It is also aimed at revealing to governments the potential tax revenue they could generate were such fees to be treated as income and not capital gains. “All the governments are talking about taxing carried interests.
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