Slipping through the net .............

[SydneyRover]

''Legal action by Good Law Project and the Ecotricity founder, Dale Vince, has forced UK tax authorities to admit that some private equity fund managers have been paying tax at the wrong rate for more than 35 years.

Since 1987, HMRC has taxed the money managers receive from private equity funds as capital gains – at a rate of 28% – instead of as trading income, which is taxed at 47%. This has seen Government losing hundreds of millions of pounds a year – enough to pay the salaries of more than 10,000 nurses'' ..............

 ........... ''Good Law Project and Dale Vince warned the tax authorities in May of an impending legal challenge, arguing that this practice is unlawful in the case of buyout funds. These funds buy mature companies with borrowed money, using the company’s assets and income to pay off the debt before selling them on. This practice has crippled important economic sectors such as nursing homes'' ....

https://goodlawproject.org/update/win-private-equity-managers-could-face-420m-annual-bill-after-legal-challenge/

support the team that supports fair taxation

[drfchound]

Since 1987.

[Sprotyrover]

HMRC on the Ball there I see!

[ravenrover]

Do many of these fund managers donate to any political party I wonder

[drfchound]

Would HMRC take that into consideration.

[SydneyRover]

The GLP is 'A' political and will continue as long as there are people willing to fund it and regardless of whom is in office.

''Jo Maugham KC founded Good Law Project back in 2017, without a single big backer and no staff. Under his leadership, the organisation has gone from strength to strength, raising millions of pounds to fund strategic litigation and winning landmark constitutional cases.

A tax barrister by trade, Jolyon became a Queen’s Counsel in 2015. He is an honorary Professor at the University of Durham and has advised the UK government and the official Opposition on tax policy. He has been described by The Times as ‘one of the country’s leading barristers’''

https://goodlawproject.org/

Have a look for yourself at what they have taken on and what they do (anyone)

FYI

Each Australian state has a form of ICAC an Independent Commission Against Corruption with strong powers to investigate corruption in public office, with powers to make recommendations. There will be a long awaited federal version soon.

They are kept very busy.