ARTICLE · 10 FEBRUARY 2000

How Transparent Is My Partnership?

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Mark Baldwin considers the tax transparency of venture capital limited partnerships.

The growth of pan-European funds has shown that not all jurisdictions regard the limited partnership as tax transparent. Structuring an LP is not that simple ...

Limited partnerships have been the vehicle of choice for private equity fund-raising in the UK. They are widely perceived as tax transparent, so that an investor limited partner is taxed in the same way as if he had participated directly. No other UK-based vehicle has the same level of investment flexibility and tax neutrality for private equity deals. However, experience indicates that more lies beneath the surface of "fiscal transparency" than meets the eye.

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