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Skatteverket - dåliga förlorare eller rättsutvecklare? En studie rörande beskattning av carried interest i Sverige.

Klackenberg, Karl LU (2015) LAGM01 20151
Department of Law
Abstract
The present thesis deals with the compensation form in the private equity industry called carried interest, and its taxation in Sweden. The purpose of this thesis is twofold, in which the author both states as well as examines the current legal position regarding taxation of carried interest, and also allows a glance into the future and examines current litigation between private equity firms and the Swedish tax agency. The two issues addressed and answered in this thesis are: "which is today's legal position regarding the taxation of carried interest, and which criticism can be raised against this position?” and "how will the taxation of carried interest be ruled according to the legislation regarding close companies? ".

In 2010,... (More)
The present thesis deals with the compensation form in the private equity industry called carried interest, and its taxation in Sweden. The purpose of this thesis is twofold, in which the author both states as well as examines the current legal position regarding taxation of carried interest, and also allows a glance into the future and examines current litigation between private equity firms and the Swedish tax agency. The two issues addressed and answered in this thesis are: "which is today's legal position regarding the taxation of carried interest, and which criticism can be raised against this position?” and "how will the taxation of carried interest be ruled according to the legislation regarding close companies? ".

In 2010, several of the largest private equity firms’ advisory companies in Sweden were taxed for their alleged income of carried interest. The litigation process between the tax agency and Nordic Capital became the leading trial regarding carried interest. In this process, the tax agency argued that the private equity funds advisory firm would be considered to be the recipient of carried interest, even though that this corporation did not receive any carried interest under the investment agreement. The argument from the tax agency proceeded on the basis of the true meaning of a legal transaction. The tax agency reached success with its line of argument in the
administrative court, but lost the case in the appeal.

In 2014, the Supreme Administrative Court announced that it would not grant appeal in the Nordic Capital trial, the appeal verdict is thus currently the legal position in the area of taxation of carried interest. In connection to the announcement, the tax agency stated that it intends to pursue trial against private equity firms via the framework of the rules governing close companies.

The work that the key executives perform in the advisory company is said to qualify the shares in the company that formally receives the carried interest, namely the general partner. The key behind this argument is that the key executives also control the general partner through their holding companies.

The thesis sorts out the abovementioned trials regarding carried interest and investigates them in the light of the current legal position, the role of Swedish tax agency, legality and legal security for the private equity firms and the market as a whole. (Less)
Abstract (Swedish)
Förevarande uppsats behandlar riskkapitalbranschens ersättningsform carried interest och dess beskattning i Sverige. Syftet med uppsatsen är tudelat, där författaren dels fastslår och kritiserar nuvarande rättsläge, samt även gör en blick framåt i tiden och granskar nuvarande förvaltningsrättsprocesser mellan riskkapitalbolag och Skatteverket. De frågeställningar som besvaras i uppsatsen är således: ”vilket är dagens rättsläge rörande beskattning av carried interest och vilken kritik kan framföras mot detta?”, samt ”hur kan beskattningen av carried interest komma att ske framöver enligt fåmansföretagsreglerna?”.

Under 2010 upptaxerades flertalet riskkapitalfonder i Sverige för sina inkomster av carried interest. Processen mellan... (More)
Förevarande uppsats behandlar riskkapitalbranschens ersättningsform carried interest och dess beskattning i Sverige. Syftet med uppsatsen är tudelat, där författaren dels fastslår och kritiserar nuvarande rättsläge, samt även gör en blick framåt i tiden och granskar nuvarande förvaltningsrättsprocesser mellan riskkapitalbolag och Skatteverket. De frågeställningar som besvaras i uppsatsen är således: ”vilket är dagens rättsläge rörande beskattning av carried interest och vilken kritik kan framföras mot detta?”, samt ”hur kan beskattningen av carried interest komma att ske framöver enligt fåmansföretagsreglerna?”.

Under 2010 upptaxerades flertalet riskkapitalfonder i Sverige för sina inkomster av carried interest. Processen mellan Skatteverket och Nordic Capital, pilotmålet, blev det ledande målet på området. I denna process drev Skatteverket argumentationslinjen att fondens rådgivningsbolag skulle anses vara mottagare av carried interest, trots att denna juridiska person inte mottagit carried interest enligt fondavtalen. Argumentationen utgick således från doktrinen om rättshandlingars verkliga innebörd. Skatteverket nådde framgång med sin argumentation i förvaltningsrätten, men tappade målet i kammarrätten.

Under 2014 meddelade HFD att man inte meddelar prövningstillstånd i pilotmålet, kammarrättens domslut utgör således för tillfället gällande rätt på området. I samband med detta meddelade Skatteverket att man ämnar driva processer mot riskkapitalbolagen inom ramen för reglerna om fåmansföretag. Arbetet som fondens nyckelpersoner utför i rådgivningsbolaget ska kvalificera aktier i det bolag som mottager carried interest, nämligen general partner. Bakgrunden till denna argumentation är att nyckelpersonerna dessutom kontrollerar general partner via sina ägarbolag. Uppsatsen reder ut ovan beskrivna processer samt utreder dem i ljuset av gällande rätt, Skatteverkets roll, legalitet och rättssäkerhet. (Less)
Please use this url to cite or link to this publication:
author
Klackenberg, Karl LU
supervisor
organization
alternative title
Taxation of carried interest in Sweden.
course
LAGM01 20151
year
type
H3 - Professional qualifications (4 Years - )
subject
keywords
Private Equity, Tax Law, Corporate Finance, Private Law
language
Swedish
id
7756659
date added to LUP
2015-11-02 15:35:46
date last changed
2015-11-02 15:35:46
@misc{7756659,
  abstract     = {The present thesis deals with the compensation form in the private equity industry called carried interest, and its taxation in Sweden. The purpose of this thesis is twofold, in which the author both states as well as examines the current legal position regarding taxation of carried interest, and also allows a glance into the future and examines current litigation between private equity firms and the Swedish tax agency. The two issues addressed and answered in this thesis are: "which is today's legal position regarding the taxation of carried interest, and which criticism can be raised against this position?” and "how will the taxation of carried interest be ruled according to the legislation regarding close companies? ".

In 2010, several of the largest private equity firms’ advisory companies in Sweden were taxed for their alleged income of carried interest. The litigation process between the tax agency and Nordic Capital became the leading trial regarding carried interest. In this process, the tax agency argued that the private equity funds advisory firm would be considered to be the recipient of carried interest, even though that this corporation did not receive any carried interest under the investment agreement. The argument from the tax agency proceeded on the basis of the true meaning of a legal transaction. The tax agency reached success with its line of argument in the 
administrative court, but lost the case in the appeal.

In 2014, the Supreme Administrative Court announced that it would not grant appeal in the Nordic Capital trial, the appeal verdict is thus currently the legal position in the area of taxation of carried interest. In connection to the announcement, the tax agency stated that it intends to pursue trial against private equity firms via the framework of the rules governing close companies. 

The work that the key executives perform in the advisory company is said to qualify the shares in the company that formally receives the carried interest, namely the general partner. The key behind this argument is that the key executives also control the general partner through their holding companies. 

The thesis sorts out the abovementioned trials regarding carried interest and investigates them in the light of the current legal position, the role of Swedish tax agency, legality and legal security for the private equity firms and the market as a whole.},
  author       = {Klackenberg, Karl},
  keyword      = {Private Equity,Tax Law,Corporate Finance,Private Law},
  language     = {swe},
  note         = {Student Paper},
  title        = {Skatteverket - dåliga förlorare eller rättsutvecklare? En studie rörande beskattning av carried interest i Sverige.},
  year         = {2015},
}