Carried interest og kapitalfondsbegrebet i dansk skatteret

Carried interest and the term "private equity fund" in Danish tax law

Steffensen, Frederik Berg

4. semester

Erhvervsøkonomi-jura, Kandidat

2023

Specialet undersøger beskatningen af carried interest i danske kapitalfonde og den regulatoriske udvikling siden 2009. I 2009 blev der indført særregler i Ligningsloven og Aktieavancebeskatningsloven, som omkvalificerer carried interest fra aktieindkomst til personlig indkomst for fysiske personer og som medfører CFC-behandling ved investering via holdingselskab; i 2019 blev reglerne revideret og samlet for at lukke identificerede smuthuller. Specialet giver først en praksisnær gennemgang af en typisk private equity-fonds struktur, aktører og livscyklus. Herefter foretages en juridisk analyse af LL § 16 I og tilgrænsende bestemmelser, herunder definitionen af kapital-, venture- og infrastrukturfonde, anvendelsesområde, fortrinsstilling, retsfølger og eventuelle lempelser, både ved direkte investeringer og via indirekte ejede selskaber. Analysen inddrager også realisationsbeskatning og LL § 16 J samt, med udgangspunkt i branchens fordelingsmodeller (whole‑fund og deal‑by‑deal), claw‑back-mekanismer, FAIF-regulering og beregninger af effektiv skattebelastning ved investering gennem ét eller to holdingselskaber for at vurdere, hvilke strukturer der kan være mest fordelagtige. Afslutningsvis vurderes betydningen af et bindende svar fra 2020, som kan udvide forståelsen af kapitalfondsbegrebet og dermed påvirke den fremtidige praksis. Da uddraget alene dækker de indledende kapitler, fremgår de endelige konklusioner og beregnede resultater ikke af teksten.

This thesis examines the Danish taxation of carried interest in private equity and how the rules have developed since 2009. In 2009, special provisions were introduced in the Danish Tax Assessment Act and the Share Gains Tax Act to recharacterize carried interest for individuals from share income to personal income, and to treat income received via holding companies under CFC rules; in 2019 these provisions were revised and consolidated to close identified loopholes. The thesis first provides a practical overview of a typical private equity fund’s structure, participants, and life cycle. It then conducts a legal analysis of Section 16 I of the Tax Assessment Act and contiguous provisions, including the definitions of private equity, venture, and infrastructure funds, the scope of application, preferential rights, legal consequences, and possible reliefs, for both direct investments and investments made through directly or indirectly owned holding companies. The analysis also addresses realization-based taxation and Section 16 J and, drawing on industry allocation methods (whole‑fund and deal‑by‑deal), claw‑back mechanisms, AIFM considerations, and calculations of effective tax burdens when investing through one or two holding companies to assess which structures may be more advantageous. Finally, it evaluates the significance of a 2020 binding ruling that may broaden the interpretation of the private equity fund concept and affect future administrative practice. As this excerpt covers only the introductory chapters, final conclusions and calculated results are not included.

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Carried interest ; Skat ; Tax

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