谁害怕美国的税收制度?

美国税收的复杂性, 特别是与业务无关的应税收入, can deter European private equity firms looking to unlock the lucrative 美国养老基金 market, 但学习如何驾驭它们确实值得付出努力.

欧洲私募股权投资受到竞争激烈的市场和美国的推动, 世界上大约一半最大的养老基金都在这里, 对公司来说是一个诱人的潜在投资来源吗. Pension funds have moved on from investing solely in publicly listed assets to broadening their portfolios across investment classes, 比如私募股权和风险投资, 并且跨越了更远的地理区域. 对于美国养老基金来说，欧洲私募股权市场仍是一个可靠的选择.

对于私募股权公司, 然而, diving into the US market with its notoriously complex tax system can be daunting. 美国养老基金, 热衷于避免应税债务融资投资带来的令人不快的意外, must have confidence in the K-1 and K-3 forms coming back from their PE investors. Attractive private equity firms prequalify by having the appropriate structure in place, meeting due diligence and being watertight in the information they share with their pension fund investors for reporting.

主要的税务考虑是什么, 然后, 对于这家准备进军美国养老基金市场的欧洲私募股权公司而言? 重要的事情先做, it is imperative that we have a strong understanding of how US investors are taxed.

投资者的税务风险

适用于合伙制基金, 投资者每年都要为他们在基金收入中的份额纳税, 不管是否实际支付了现金或分配.

For foreign entities, the tax treatment of a structure follows the IRS default classification rules. 具有多个成员的实体, 他们中至少有一人负有无限责任, 是否等同于合伙企业. Entities where liability of all members is limited are treated as a corporation.

Limited liability companies (LLCs) with multiple members are generally taxed as a 伙伴关系, in the absence of their making a formal IRS election to adopt a different tax classification. 美国国税局将使用默认的实体分类-公司, 合伙企业或独立实体(外国企业只有一个所有者), with unlimited liability) – depending on the number of owners and whether the owners have limited or unlimited liability.

所需税务资料

基金 structured as a 伙伴关系 need to provide forms K-1 and K-3 to US investors to provide them with a summary of their income share. The K-1 will supply investors with their allocated share of the 伙伴关系’s total income and expenses, and typically provides additional supplementary detail to assist with the preparation of the investor’s tax filings.

US investors are taxable on their worldwide income and will always require a K-1, 即使该基金没有美国收入或美国投资. Introduced by the IRS to give 更多的 transparency and clarity for the owners of so-called ‘pass-through vehicles’, 比如私募股权公司, K-3表格提供更具体的细节, 主要是在对外交易和信贷方面.

免税投资者和UBTI

Qualified 美国养老基金 are one of a number of sources of capital for venture capital and other private equity funds that are tax exempt under the Internal Revenue Code. 免税投资者还包括个人退休账户, 基金会, 捐赠基金和州立或市立学院和大学. But these investors may still be taxable on income that meets the definition of UBTI.

UBTI includes income from trade or business activities that are not related to the investor’s tax-exempt purpose, for example a university that operates a bookstore that sells to the general public. 那么，什么是，什么不是UBTI?

它通常不包括:

• 被动收入(利息), 资本利得, 来自投资资产的股息, 但如果这些资产是通过第三方债务获得的，则可能属于UBTI, 比如银行贷款.
• 被投资公司直接承担的债务, 或者由基金向投资者募集的债务融资.

它确实包括:

• Interest or dividend income that arises from an investment subject to acquisition indebtedness while that debt is outstanding. 在偿还该债务后，任何后续利息不得属于uti.
• 处置属于收购负债的资产. 这些可能导致UBTI资本收益, 即使债务已经还清, 处置发生在不到一年之后. 基金 need to be able to identify any UBTI income or assets that may be considered subject to acquisition indebtedness, and provide that information to tax-exempt investors as part of the K-1 reporting.
• 潜在的投资. 即使基金没有UBTI, 如果该基金投资于其他基金，UBTI可能会上升, 伙伴关系, 或美国有限责任公司.

减轻UBTI风险的策略

So, 如果你是风险投资公司或私募股权公司, much of your income will come from the sale of portfolio companies and from dividends and interest. As long as money isn’t borrowed to acquire the portfolio companies in the first place, 投资活动一般不会导致UBTI. 然而，如果你从投资中欠了钱，国税局确实会感兴趣.

如何避免UBTI? 缓解战略可包括:

• 改变基金使用债务融资的方式, 例如，索取期限较短、偿还较早的汇票.
• 构建, for example setting up a blocker holding company above a UBTI-producing investment to prevent the UBTI from flowing to the investor.
• Creating a corporate feeder vehicle for tax-exempt investors – the master-feeder structure enables funds to take advantage of beneficial pass-through tax treatment.
• 是的, consulting a tax adviser who understands US taxation is a wise move because it will help you take tax out of the equation as a barrier to attracting investment.

总之, 通过对你要报道的信息保持敏锐, 明智地管理不相关的营业税收入, 你的私募股权公司可以在美国养老基金上赚大钱. 澳门官方老葡京 有任何疑问.

本文先前发表于 撤军.

本文由詹姆斯的辩论撰写