|
|
11 Jun 2007
The Treasury is ready to clamp down on the tax reliefs used by private equity bosses to cut their tax bills, according to a report in the Sunday Times this weekend.
The report claimed that chancellor Gordon Brown would 'clamp down' on the taper relief that allows private equitys bosses to only pay 10% tax on remuneration through carried interest they receive when selling on businesses.
The industry has come under intense criticism from unions over the use of the tax reliefs, which has prompted Treasury action in this area.
The Treasury is conducting a review of carried interest and interest relief on debt, two of the main areas in which private equity benefits - from a tax point of view.
However, speaking to Accountancy Age, a Treasury spokesman said that although the reviews were underway, no formal decisions had been made about whether these areas of tax should be reformed or not.
'Work on the review is ongoing, and will conclude in due course,' the spokesman said.
Further reading:
You may also like
Search thousands of financial jobs:
Search thousands of financial jobs:
Careers
Search for jobs
Click to search our database of all the latest accountancy roles
Create a profile
Click to set up your profile and let the best recruiters find you
Jobs by email
Sign up to receive regular updates with the latest roles suitable for you
Briefings
By looking at the reasons supplier statements became unfashionable, and the reasons why it is different today, this paper delves into the many benefits that can be obtained by automating the process.
Having a real and true view of your organisation’s current financial position, and having the right systems and processes in place, will ensure that you can make strong choices and are ready to capitalise on opportunities
AccountancyAgeInsight is a frequently updated resource centre for finance professionals, offering a free and easy-to-use digital library of briefings, white papers and other information resources. 
Visitor comments Add your comment