BusinessCompany NewsUnions demand end to tax breaks for takeover merchants

Unions demand end to tax breaks for takeover merchants

100 MPs petitioned to withdraw relief on loans to venture capitalists, as Sainsburys becomes   acquisition target

The general secretary of the
GMB has called for tax
relief on loan interest payments for venture capitalists to be revoked in a bid
to safeguard members’ jobs.

As private equity groups announced their interest in
Sainsbury’s as a takeover target,
Paul Kenny led the push for change by personally writing to 100 ministers
including Jack Straw and Alistair Darling.

Kenny believed that a withdrawal of the relief was a key part of reining in a
sector that impacted on ‘companies jobs, pensions and the British economy’.

Leaders of the Transport & General Workers Union, the mouthpiece for
25,000 Sainsbury’s workers are preparing to weigh into the argument by writing
to the Department of Trade & Industry
detailing its members’ concerns about the potential £10bn takeover.

Further reading:

IRIS dispels takeover rumours

Takeover boom promises to keep firms afloat
in 2007
 

Related Articles

BDO replaces Deloitte as Mitie auditor

Audit BDO replaces Deloitte as Mitie auditor

4w Emma Smith, Managing Editor
CVR Global appoints partner in London office

Company News CVR Global appoints partner in London office

5m Alia Shoaib, Reporter
FTSE100 failing to provide adequate ethics information

Company News FTSE100 failing to provide adequate ethics information

5m Alia Shoaib, Reporter
Brand strength leads to fee income growth for RSM

Accounting Firms Brand strength leads to fee income growth for RSM

8m Emma Smith, Managing Editor
Mazars strengthens audit team with partner appointment

Accounting Firms Mazars strengthens audit team with partner appointment

8m Emma Smith, Managing Editor
Moore Stephens recruits new private client partner

Accounting Firms Moore Stephens recruits new private client partner

8m Emma Smith, Managing Editor
Magma Group announces merger, partner promotions

Accounting Firms Magma Group announces merger, partner promotions

8m Emma Smith, Managing Editor
BDO on ‘recruitment spree’ with multiple partner appointments

Accounting Firms BDO on ‘recruitment spree’ with multiple partner appointments

8m Emma Smith, Managing Editor