附带权益

将资本利得税均等化，填补投资收入中的“附带权益（carriedinterest）”漏洞，也会带来政治上的好处。

Equalising the capital gains tax and scrapping the " carried interest " loophole for investment income would also bring political benefits .

一般合伙人的收入和利润来自两个渠道：对其管理的资本收取费用，并希望产生附带权益（carriedinterest）即实现业绩目标后提取部分利润。

GPS generate income and profits from two sources - they charge fees on the capital they manage and they hope to generate carried interest - a form of profit once performance hurdles are met .

私下里，对于在征税时将附带权益（carriedinterest）当作资本利得而不是收入对待，私人股本业内人士都懒得为其辩护。附带权益通常为扣除8%最低投资回报率以后利润的20%。

In private , few in the industry bother to defend the tax treatment of carried interest , the generally 20 per cent of profits made after an 8 per cent hurdle rate , as capital gains rather than income .

好消息是从Quid获取分析结果并不需要支付附带权益。

The good news is that it will not demand carried interest in exchange for its insight .

以私人股本行业为例，批评人士担心，以激励小规模上市企业增长为目的的资本利得税体制，正被用于将私人股本高管的“附带权益”（carriedinterest）税率降低至不合理的水平。

In the case of private equity , critics worry that a capital gains tax regime designed to stimulate the growth of smaller quoted companies is being used to whittle down the tax rate on the " carried interest " of private equity bosses to an unjustifiably low level .

在最近那个“不负责任的年代”曾竭力吸引私人股本公司的英国，影子内阁财长乔治奥斯本（georgeosborne）如今也在考虑改革附带权益的税收制度。

In the UK , which went to great lengths to attract private equity houses during the recent " age of irresponsibility " , George Osborne , shadow chancellor , is also mulling a change to the tax regime for carried interest .

其余投资将以业绩票据和继续分享附带权益的形式交付。

The rest would be settled by a performance note and a continuing share of carried interest .

短期来看，此举增加不了多少政府收入：目前正在实现的附带权益很少。

In the short term , this will raise little Revenue : there is little carry currently being generated .

他们习惯于对附带权益只缴纳资本利得税，但他们应该缴纳所得税。

They are used to paying only capital gains tax on carried interest but ought to be paying income tax .

收购集团必须准备好迎接对其商业模式的更大冲击，而不仅仅是将附带权益作为收入征税。

Buy-out groups must brace for greater shocks to their business model than the taxation of carried interest as income alone .

一般合伙人提取的附带权益，通常是以整个基金的表现为基础，而非单笔交易。

Carried interest that flows to the GPS is normally based on the performance of the entire fund rather than on individual deals .

力主对附带权益征税的弗莱舍表示，“大致公平”方案在原则上也是合理的。

Mr Fleischer , a driving force of the tax push on carried interest , suggests that " rough justice " is also justified in principle .

附带权益被视为一种资本收益（税率仅为15%），而非税率通常为35%的个人所得。

Carried interest is treated as a capital gain , taxed at 15 per cent , rather than income , typically taxed at 35 per cent .

如果合伙人要就管理费和附带权益缴纳所得税，那么出售合伙股份所得收益也应该缴纳所得税。

If partners are to pay income tax on fees and carried interest then the sale value of the contracts should also be subject to income tax .

一旦解决了附带权益这一特殊问题，即使百仕通式的税制结构依然存在，暂时叫停也是更明智的做法。

Once the carried interest exception has been dealt with , it would be wiser to call a halt , even if the Blackstone tax structure survives .

美国和英国分别占私人股本业规模的50%和25%。在这两个国家，政治家们如今都开始着眼于附带权益的问题。

In both the US and UK , which respectively account for 50 per cent and 25 per cent of the industry , politicians now have carry in their sights .

这几位最成功的私人股本高管的主要收入来源是附带权益，即使用养老基金等外部投资者的资金进行投资而取得的利润。

The primary source of income for the most successful private equity executives is carried interest , profits on investments made with money from outside investors such as pension funds .

看待附带权益的最佳方式是，把它当作与业绩相关的投资和管理服务酬金这样就没有理由不把它视为普通收入。

The best way of looking at carried interest is as a performance-related fee for investment and management services , which there is no reason to treat as other than ordinary income .

它只获得约20%所谓的“附带权益”其他都归有限合伙人（公共养老基金、大学、主权财富基金等）所有。

Instead , it only gets around 20 % a so-called " carried interest " while its limited partners ( public pensions , universities , sovereign wealth funds , etc. ) receive the remainder .

其余额外财政收入将来自按照较高的普通所得税率（而非较低的资本增值税率）对所谓的“附带权益”（私人股本业高管、对冲基金经理和房地产投资者的利润）征税。

The remainder would come from taxing so-called " carried interest " , or the profits generated by private equity executives , hedge fund managers , and property investors , at the higher ordinary income rate , rather than at lower capital gains rates .

第一步应承认，投资界的某些税收结构比如减轻了私人股本人士税负的附带权益规则在非金融人士看来即便不是极其恶劣的，也是特殊的。

One place to start would be to recognise that some of the tax structures in the investment world such as the carried interest rule that lightens the tax burden on private equity players look peculiar , if not egregious , to most non-financiers .

附带可终止权益的财产信托；

Qualified terminal interest property trust ;