Over ten years ago my client invested as a limited liability partner in two private equity funds. Each year he received details of amounts to be included in his personal tax returns.
In 2021-22 his interest in the funds was bought out and ever since he has been trying to understand his tax position. Other than some small interest receipts he has principally reported capital gains and losses substantially more of the former.
Unfortunately his cash receipts from the funds do not reflect these gains. After his interest was sold he finds he has got his original investment back no more.
On the face of it he has reported and paid tax on substantial net gains which due to unrealised losses in the funds existing when his interest was bought out he has never received....
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