The CBI has lept to the
defence of private equity in its submission to a Treasury investigation into the
In the strongly worded submission to
the Treasury’s review of
‘carried interests’ – profits which private equity execs earn on deals that can
benefit from a 10% tax rate – CBI director general Richard Lambert warned that
imposing any restrictions would affect the entire spectrum of UK businesses.
‘It would be easy to drive (private equity) offshore through a few
injudicious decisions, particularly spurred out of a fascination to expose and
tax its highest earners,’ Lambert told the FT.
He said claims that private equity players were ‘ruthless asset strippers’
practising ‘casino capitalism’, were based on misunderstandings.
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