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Private Equity En Fiscaliteit

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Private Equity En Fiscaliteit Belastingdienst Private equity en fiscaliteit Belastingdienst, Platform Versterking Vaktechniek Onder redactie van mw. mr. C.M. Groot Inhoud 1 Inleiding 9 1.1 Rapport Private equity en fiscaliteit 9 1.2 Opzet van het rapport 9 1.3 Samenstelling projectgroep 9 1.4 Inhoud van het rapport 10 I Zicht op private equity 11 2 Wat is private equity? 12 2.1 Inleiding 12 2.1.1 Ontstaansgeschiedenis private equity 13 2.1.2 Rol van private equity in de Nederlandse economie 14 2.1.3 Recente ontwikkelingen 18 2.2 Een definitie van private equity 19 2.2.1 Private equity als vermogens beheerarrangement 20 2.2.2 Kapitaal bijeengebracht door investeerders 22 2.2.3 Fonds dat beheerd wordt door een participatie maatschappij 23 2.2.4 Participeren in niet-beursgenoteerde onder nemingen 25 2.2.5 Zeggenschap in de portfolio-onder neming 27 2.2.6 Realisatie op termijn 28 2.2.7 Leverage – het hefboom effect 29 2.2.8 Carried interest 30 2.2.9 Rol van de fonds managers 31 2.3 Afbakening: private equity ten opzichte van andere financieringsvormen 31 2.3.1 Informal investors 31 2.3.2 Hedgefondsen 32 2.3.3 Crowdfunding 33 2.4 Private equity als vorm van onder nemingsfinanciering 34 2.4.1 Venture capital 36 2.4.2 Financiering door middel van private equity bij volwassen ondernemingen 38 2.5 Private equity als vorm van belegging 42 2.5.1 Investeerders in private equity 43 2.5.2 Co-investeringen 46 2.6 Participatiemaatschappijen 48 2.6.1 Verschillende soorten participatie maatschappijen 48 2.6.2 Private-equityhuizen 49 2.6.3 Participatiemaatschappijen van banken of verzekeraars 50 2.6.4 Vermogende personen en family offices 50 2.6.5 Bedrijven met een eigen participatie maatschappij 51 2.6.6 Regionale ontwikkelings maatschappijen 51 2.7 Private-equityfondsen 51 2.7.1 Captive- en non-captivefondsen 52 2.7.2 Verschillende typen fondsen 52 Belastingdienst | Private equity en fiscaliteit 2 2.8 Private-equitystructuren beoordeeld vanuit verschillende invalshoeken 53 2.8.1 Nationaal versus internationaal 53 2.8.2 Economisch versus juridisch 53 2.8.3 Verschillende betrokkenen in verschillende hoedanigheden 54 2.8.4 Tijdsaspect 54 2.8.5 Ondernemen versus beleggen 54 3 De ‘economics’ van private equity 55 3.1 Inleiding 55 3.2 De distributiewaterval 55 3.2.1 Afspraken verschillen per fonds 55 3.2.2 De economische basisgedachte van een private-equityfonds 56 3.2.3 Kapitaalcommitment van de investeerders 57 3.2.4 Commitment van de fonds managers 57 3.2.5 De distributiewaterval van het fonds 58 3.2.6 Terugbetaling van kapitaal aan de investeerders 59 3.2.7 Preferred return voor de investeerders 59 3.2.8 Catch-up voor de fonds managers 60 3.2.9 Verdeling van de overwinst, carried interest 60 3.2.10 J-curve van het fonds 62 3.2.11 Clawback 62 3.2.12 Teruggaven door de investeerders 63 3.2.13 Afspraken over belastingkosten 63 3.2.14 De managementfee 63 3.2.15 Managementfee op het niveau van het fonds 65 3.2.16 Management- en andere fees op het niveau van de portfolio-onderneming 65 3.2.17 De (overige) kosten van het fonds 66 3.2.18 Organizational expenses 66 3.2.19 Operationele kosten 66 3.2.20 ‘Manager expenses’ 66 3.3 Management participatie 67 3.3.1 Inleiding 67 3.3.2 Alignment of interests 67 3.3.3 Conflicts of interests 68 3.3.4 Vormen van management participatie 69 3.3.5 Vormgeving van de management participatie 69 3.3.6 Aandelenparticipatie 70 3.3.7 Envy ratio, sweet equity 70 3.3.8 Overhang en catch-up 71 3.3.9 Optierecht 71 3.3.10 Ratchet 71 3.3.11 Bijkomende bepalingen bij management participatie 71 3.3.12 Besluitvorming bepaalde aandeel houdersbesluiten 72 3.3.13 Overdrachtsbeperkingen, lock-up 72 3.3.14 Aanbiedingsverplichtingen en leaverbepalingen 72 3.3.15 Bad leaver 73 3.3.16 Good leaver 73 3.3.17 Vervolgfinanciering en (anti)verwatering 73 3.3.18 Exitbepalingen, drag-along en tag-along 74 Belastingdienst | Private equity en fiscaliteit 3 3.4 Leverage 74 3.4.1 Leverage: gewone aandelen ten opzichte van (cumulatief) preferente aandelen 75 3.4.2 Leverage: eigen vermogen ten opzichte van vreemd vermogen 76 3.4.3 Leverage: de managers 80 3.5 Governance, transparantie en toezicht 81 3.5.1 Governanceafspraken op fonds- en targetniveau 81 3.5.2 Governancerichtlijnen binnen de private-equitybranche 81 3.5.3 Toezicht op grond van de AIFM-richtlijn 82 3.5.4 FATCA en CRS 82 4 PE in de tijd: levensloop PE-fonds en portfolio-onder neming 83 4.1 Inleiding 83 4.2 Start, looptijd en einde van een PE-fonds 83 4.2.1 Fondsenwervingsfase 86 4.2.2 Eerste en opvolgende closings, start van het fonds 89 4.2.3 Investeringsperiode van het fonds 89 4.2.4 Exitfase – desinvesteringsfase 90 4.2.5 Einde van het fonds 90 4.3 Aankoop, waardecreatie en exit van een portfolio-onder neming 92 4.3.1 Acquisitieproces portfolio-onder neming 92 4.3.2 Transactie, aankoop van de target: de sale and purchase agreement 101 4.3.3 Monitoring en management van de portfolio-onder neming 103 4.3.4 Desinvestering/exit van de portfolio-onder neming 105 5 Hoe zitten private-equity structuren in elkaar? 107 5.1 Inleiding 107 5.2 Juridische structuur op fondsniveau 107 5.2.1 Basisstructuur private-equityfonds 109 5.2.2 Aanvullende fondsstructuren 109 5.2.3 Parallelle fondsstructuren 110 5.2.4 Alternatieve investeringsstructuren 111 5.2.5 Feeder funds 112 5.2.6 Carried-intereststructuren 113 5.2.7 Co-investeringsstructuren 113 5.2.8 Friends-and-familystructuren 115 5.3 Acquisitiestructuren 115 5.4 Veelgebruikte rechtsvormen – Nederland 116 5.4.1 Inleiding 116 5.4.2 De commanditaire vennoot schap 117 5.4.3 De coöperatie 119 5.4.4 Het fonds voor gemene rekening 120 5.4.5 De bv 121 5.4.6 De nv 122 5.4.7 De stichting administratiekantoor (STAK) 123 5.5 Veelgebruikte rechtsvormen – internationaal 124 5.5.1 Veelgebruikte rechtsvormen – Amerika 124 5.5.2 Veelgebruikte rechtsvormen – Luxemburg 125 Belastingdienst | Private equity en fiscaliteit 4 II Private equity en fiscaliteit 126 6 Private equity en fiscaliteit, een overzicht 127 6.1 Inleiding 127 6.2 Integraal voorbeeld: fiscale aspecten van private equity 127 6.2.1 Een integrale private-equity structuur 128 6.2. 2 Drie centrale spelers in een PE-fonds 129 6.2. 3 Vennoot schapsbelasting en dividend belasting 130 6.2. 4 Loon- en inkomsten belasting algemeen 132 6.2. 5 Loon- en inkomsten belasting, lucratief belang, carried en co-investeringen fondsniveau 133 6.2. 6 Schenk- en erfbelasting 135 6.2. 7 Omzetbelasting 135 6.2. 8 Samenvatting 136 6.3 Private equity en ondernemen 137 6.3.1 Verschillende soorten participatie maatschappijen 138 6.3.2 De basisstructuur en activiteiten van een participatie maatschappij 139 6.3.3 De opbrengst van een PE-fonds voor de betrokkenen 140 6.3.4 De activiteiten van een participatie maatschappij nader beschouwd 141 6.3.5 Fiscaal kader: beleggen of ondernemen, of een tussenvorm? 142 6.3.6 Fiscale duiding van PE: beleggen of ondernemen, of een tussenvorm? 144 6.3.7 Jurisprudentie met betrekking tot PE en ondernemen 146 6.3.8 Conclusie fiscale duiding PE, beleggen of ondernemen 148 6.3.9 Gevolgen van het oordeel ‘ondernemen’ 150 6.4 Samenvatting 151 7 Vennoot schapsbelasting en dividend belasting 152 7.1 Private equity en Vpb 152 7.1.1 Inleiding 152 7.1.2 Verschil eigen vermogen en vreemd vermogen 152 7.1.3 Standaardstructuur Vpb 154 7.2 Arm’s length financieren 155 7.2.1 Inleiding 155 7.2.2 Arm’s length financieren 156 7.2.3 Excessieve financiering en arm’s-lengthprincipe 158 7.2.4 Samenvattend 159 7.2.5 De ‘onzakelijke lening’, de lening met een onzakelijk debiteurenrisico 159 7.3 Renteaftrekbeperkingen 161 7.3.1 Inleiding 161 7.3.2 Art. 10a Wet Vpb 1969 161 7.3.3 Art. 10b Wet Vpb 1969 171 7.3.4 Bovenmatige deelnemingsrente, art. 13l Wet Vpb 1969 172 7.3.5 Beperking renteaftrek bij overname houdster: art. 15ad Wet Vpb 1969 182 7.4 De rol van de advance tax ruling in private equity 188 7.4.1 Inleiding 189 7.4.2 Algemeen 189 7.4.3 Vaststellingsovereenkomst 189 7.4.4 Private-equityfonds 191 7.4.5 Afsluiting ATR en PE 201 Belastingdienst | Private equity en fiscaliteit 5 7.5 Vpb-aspecten aan werknemers verstrekte vermogens bestand delen 201 7.6 Samenvatting 203 8 Loon- en inkomsten belasting 204 8.1.1 Inkomsten belastingaspecten bij PE 204 8.1.2 Loonheffingsaspecten bij PE 204 8.1.3 Lucratief belang 205 8.2 IH en PE – de subjecten 205 8.3 IH en PE – de objecten 206 8.4 IH en PE – Wet IB 2001 208 8.4.1 Rang orde regeling 208 8.4.2 Toerekeningsregels 209 8.4.3 Winst uit onder neming 210 8.4.4 Loon 211 8.4.5 Resultaat uit overige werkzaam heden 214 8.4.6 Aanmerkelijk belang 220 8.4.7 Box 3 228 8.5 IH en samenhang met andere middelen 232 8.6 Samenvatting 232 9 Lucratief belang 233 9.1 Inleiding 233 9.1.1 Rekenvoorbeeld carried interest 233 9.2 Historie, totstandkoming lucratief­b elangregeling 236 9.2.1 Wet Belasting heffing excessieve belonings bestand delen 236 9.2.2 Belasting heffing over carried interest vóór 1 januari 2009 238 9.2.3 Doel en strekking van de lucratief­b elangregeling 240 9.3 Rangorde 242 9.3.1 Rang orde regeling in relatie tot lucratief belang 242 9.3.2 Lucratief belang als aanvullende heffing op loon uit dienstbetrekking 247 9.4 Kwalificatie als lucratief belang 250 9.4.1 Wettelijk kader 250 9.4.2 Art.
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