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När riskkapitalisten lämnar Sverige – Om riskkapitalisters väsentliga anknytning till Sverige och den skattemässiga behandlingen av carried interest i en utflyttningssituation

Palmgren, Ellen LU (2025) JURM02 20251
Department of Law
Faculty of Law
Abstract
The tax treatment in domestic situations of active shareholders in private equity funds has been the subject of extensive debate the last few decades. The reason for this is that these capitalists indirectly, through dividends or capital gains from wholly owned holding companies, receive an income called carried interest, for which there has been disagreement as to whether it should be classified as income from capital or employment. As a middle ground the income has in practice been taxed in accordance with the close company rules in Chapter 57 of the Swedish Income Tax Act (1999:1229). In January 2025 a legislative proposal was presented that, if adopted, would state that certain capitalists would be explicitly covered by Chapter 57.

... (More)
The tax treatment in domestic situations of active shareholders in private equity funds has been the subject of extensive debate the last few decades. The reason for this is that these capitalists indirectly, through dividends or capital gains from wholly owned holding companies, receive an income called carried interest, for which there has been disagreement as to whether it should be classified as income from capital or employment. As a middle ground the income has in practice been taxed in accordance with the close company rules in Chapter 57 of the Swedish Income Tax Act (1999:1229). In January 2025 a legislative proposal was presented that, if adopted, would state that certain capitalists would be explicitly covered by Chapter 57.

The following thesis instead discusses the taxation of these individuals and types of income in an international situation where the capitalist emigrates from Sweden. On two separate occasions, in HFD 2020 ref. 63 and HFD 2022 not. 10, the Supreme Administrative Court of Sweden has had the opportunity to clarify the question of whether a capitalist, due to their involvement in a private equity fund active in Sweden, may be subject to unlimited tax liability even after a move from Sweden due to significant connections here. However, in both cases the court rejected the application for appeal. This unanswered question is thus central to investigate and discuss for the continued discussion and evaluation of the possible tax outcomes that follow an exit. The capitalist’s income derived from carried interest may be taxed differently depending on whether the tax liability is unlimited or limited, and whether there is an applicable tax treaty.

The paper examines unlimited tax liability due to significant connections on the grounds of economic involvement in Sweden. The investigation shows that in practice a ten percent shareholding threshold is applied, which capitalists rarely exceed, for the shareholding to be of relevance for the assessment. However, the statements made in HFD 2020 ref. 63 enable a different interpretation for the private equity fund industry. The account of applicable law is applied to four different categories of persons based on real fund structures. The analysis shows that the court’s statements allow for certain capitalists’ involvement in private equity funds active in Sweden to be subject to unlimited tax liability.

Consequently, a capitalist’s income derived from carried interest may in the event of a move from Sweden be taxed based on both unlimited and limited tax liability. Furthermore, the limitations resulting from the application of the tax treaty between Sweden and Switzerland are addressed. Whether application is made under the current law or the proposed amendments to Chapter 57 may also affect the assessment. It is clarified that the outcomes may range from taxation under Chapter 57 to taxation of capital at 15 percent, which can be problematised from an equal treatment perspective. (Less)
Abstract (Swedish)
Den skattemässiga behandlingen av aktiva delägare inom riskkapitalfondsbranschen i inhemska situationer har sedan en tid tillbaka varit föremål för omfattande diskussioner. Orsaken bakom det är att dessa riskkapitalister genom utdelning eller kapitalvinst från helägda holdingbolag indirekt mottar en inkomst kallad carried interest, för vilken det funnits meningsskiljaktigheter i huruvida den ska klassas som kapital- eller förvärvsinkomst. En medelväg som kan skönjas i praktiken är att beskatta inkomsten i enlighet med fåmansföretagsreglerna i 57 kap. IL. I januari 2025 presenterades en departementspromemoria som föreslår att vissa riskkapitalister ska uttryckligen omfattas av 57 kap. IL.

Den följande framställningen tar istället sin... (More)
Den skattemässiga behandlingen av aktiva delägare inom riskkapitalfondsbranschen i inhemska situationer har sedan en tid tillbaka varit föremål för omfattande diskussioner. Orsaken bakom det är att dessa riskkapitalister genom utdelning eller kapitalvinst från helägda holdingbolag indirekt mottar en inkomst kallad carried interest, för vilken det funnits meningsskiljaktigheter i huruvida den ska klassas som kapital- eller förvärvsinkomst. En medelväg som kan skönjas i praktiken är att beskatta inkomsten i enlighet med fåmansföretagsreglerna i 57 kap. IL. I januari 2025 presenterades en departementspromemoria som föreslår att vissa riskkapitalister ska uttryckligen omfattas av 57 kap. IL.

Den följande framställningen tar istället sin utgångspunkt i beskattningen av dessa individer och inkomster i en internationell situation vid en utflyttning från Sverige. HFD har vid två skilda tillfällen, i HFD 2020 ref. 63 och HFD 2022 not. 10, haft möjlighet att ge klarhet i frågan om en individ på grund av engagemang i en riskkapitalfond med svensk anknytning kan vara obegränsat skattskyldig även efter utflytt mot bakgrund av väsentlig anknytning hit. I båda fallen avvisade HFD emellertid ansökan om överklagan. Denna obesvarade fråga är således central att utreda och analysera för den fortsatta diskussionen om och utvärderingen av de möjliga beskattningsutfall som följer en utflyttning. Riskkapitalistens inkomster som härrör från carried interest kan nämligen beskattas olika beroende på obegränsad eller begränsad skattskyldighet, samt om det finns ett tillämpligt skatteavtal.

I uppsatsen redogörs för obegränsad skattskyldighet på grund av väsentlig anknytning genom anknytningspunkten ekonomiskt engagemang. Utredningen visar att det i praxis tillämpas en tioprocentig andelsgräns, som riskkapitalister sällan uppnår, för att innehavet ska ha betydelse för bedömningen om väsentlig anknytning. Uttalanden i HFD 2020 ref. 63 öppnar däremot upp för en annorlunda tolkning vad gäller riskkapitalfondsbranschen. För en verklighetsförankrad analys tillämpas redogörelsen av gällande rätt på fyra olika personkategorier baserade på verkliga fondstrukturer. Analysen visar att HFD:s uttalanden möjliggör för att vissa riskkapitalisters engagemang i fonder med svensk anknytning kan medföra obegränsad skattskyldighet.

Följaktligen kan en riskkapitalists inkomster som härrör från carried interest vid en utflyttning beskattas utifrån såväl obegränsad som begränsad skattskyldighet. Vidare behandlas de begränsningar som följer av tillämpning av skatteavtalet mellan Sverige och Schweiz. Huruvida tillämpning sker enligt nuvarande ordning eller de föreslagna ändringarna i 57 kap. IL kan påverka bedömningen. Det tydliggörs att utfallen kan spänna från en progressiv beskattning enligt 57 kap. IL till en beskattning med 15 procent, vilket ur ett likabehandlingsperspektiv kan problematiseras. (Less)
Please use this url to cite or link to this publication:
author
Palmgren, Ellen LU
supervisor
organization
alternative title
When the capitalist leaves Sweden – On capitalists' significant connections to Sweden and the tax treatment of carried interest in an emigration situation
course
JURM02 20251
year
type
H3 - Professional qualifications (4 Years - )
subject
keywords
Skatterätt, Carried interest, Riskkapitalfond, Fåmansföretag, Väsentlig anknytning, Internationell beskattning, Skatteavtal, Riskkapitalist, Utflyttning, Obegränsad skattskyldighet, Begränsad skattskyldighet, Förvaltningsrätt
language
Swedish
id
9189116
date added to LUP
2025-06-17 11:29:06
date last changed
2025-06-17 11:29:06
@misc{9189116,
  abstract     = {{The tax treatment in domestic situations of active shareholders in private equity funds has been the subject of extensive debate the last few decades. The reason for this is that these capitalists indirectly, through dividends or capital gains from wholly owned holding companies, receive an income called carried interest, for which there has been disagreement as to whether it should be classified as income from capital or employment. As a middle ground the income has in practice been taxed in accordance with the close company rules in Chapter 57 of the Swedish Income Tax Act (1999:1229). In January 2025 a legislative proposal was presented that, if adopted, would state that certain capitalists would be explicitly covered by Chapter 57. 

The following thesis instead discusses the taxation of these individuals and types of income in an international situation where the capitalist emigrates from Sweden. On two separate occasions, in HFD 2020 ref. 63 and HFD 2022 not. 10, the Supreme Administrative Court of Sweden has had the opportunity to clarify the question of whether a capitalist, due to their involvement in a private equity fund active in Sweden, may be subject to unlimited tax liability even after a move from Sweden due to significant connections here. However, in both cases the court rejected the application for appeal. This unanswered question is thus central to investigate and discuss for the continued discussion and evaluation of the possible tax outcomes that follow an exit. The capitalist’s income derived from carried interest may be taxed differently depending on whether the tax liability is unlimited or limited, and whether there is an applicable tax treaty.

The paper examines unlimited tax liability due to significant connections on the grounds of economic involvement in Sweden. The investigation shows that in practice a ten percent shareholding threshold is applied, which capitalists rarely exceed, for the shareholding to be of relevance for the assessment. However, the statements made in HFD 2020 ref. 63 enable a different interpretation for the private equity fund industry. The account of applicable law is applied to four different categories of persons based on real fund structures. The analysis shows that the court’s statements allow for certain capitalists’ involvement in private equity funds active in Sweden to be subject to unlimited tax liability. 

Consequently, a capitalist’s income derived from carried interest may in the event of a move from Sweden be taxed based on both unlimited and limited tax liability. Furthermore, the limitations resulting from the application of the tax treaty between Sweden and Switzerland are addressed. Whether application is made under the current law or the proposed amendments to Chapter 57 may also affect the assessment. It is clarified that the outcomes may range from taxation under Chapter 57 to taxation of capital at 15 percent, which can be problematised from an equal treatment perspective.}},
  author       = {{Palmgren, Ellen}},
  language     = {{swe}},
  note         = {{Student Paper}},
  title        = {{När riskkapitalisten lämnar Sverige – Om riskkapitalisters väsentliga anknytning till Sverige och den skattemässiga behandlingen av carried interest i en utflyttningssituation}},
  year         = {{2025}},
}