In 1987, the emerging private equity industry successfully lobbied the government to slip them a tax break. It allows private equiteers to take huge bonuses from the appreciation of client funds they invest in buyouts (a wedge called \"carried interest\"), and pay a preferentially low rate of tax on these earnings. Now HMRC may be thinking again. We talk to tax expert Dan Neidle about the origin of this boondoggle and why - as a matter of actual law, let alone fairness - it's never been justified, and why the government should now clarify the position.
Presented by Jonathan Ford and Neil Collins.
With Dan Neidle.
Produced and edited by Nick Hilton for Podot.
In association with Briefcase.News
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