Private equity funds and offshore insurers are among industries risking tax
increases under the Barack Obama administration, according to the Washington
group of PricewaterhouseCoopers (PwC).
During his campaign, Obama frequently touched on the theme of closing
corporate tax loopholes and ensuring companies paid their fair share. These
proposals are expected to be driven by the desire to handle the impact of new
spending on the deficit, CCN Money reports.
‘What is being talked about is the largest deficit since World War II for
this coming year. The focus will be on trying to shore up our fiscal position,’
Lindy Paull, PwC managing partner of the Washington tax group, said.
She said the thirst for revenue might be bad news for businesses on taxes.
Close to the top of the list of likely targets was a proposal, supported by
House Democrats, to tax private equity fund managers’ earnings at ordinary
income tax rates. Some of that income is now taxed at capital gains rates of
Drastically fewer offices for HMRC in the hope to reduce their running costs
An 80% increase in additional revenue for HMRC coincides with a crackdown on income tax avoidance
Laurence Field, the head of tax at national audit, tax and advisory firm Crowe Clark Whitehill outlines the 6 'unexpected items' regarding HMRC's Making Tax Digital plans
Companies must report on their complex financial structures including offshore accounts and notify HMRC