How are preferential equity schemes handled? i.e in the UK, best case tax rate on equity is 10%. But if you're not on government-approved scheme, you'll get taxed at around 55% in the event of a meaningful exit.

When I've raised this previously, the point has been dismissed as "45% of lots is still lots", but if you're doing an expected returns calculation and considering other jobs (like a large well-paying org with RSUs) it becomes quite meaningful.