The chief executive of Aggreko has added to criticism of private equity tax
arrangements, piling the pressure on an industry already under fierce attack
from the trades unions.
Soames, writing to the
Telegraph, said that private equity firms were not paying a ‘fair share of
corporation tax’ and that ‘if large swathes of the UK economy pay less tax,
other companies and individuals pay more.’
The industry is accused of taking advantage of interest relief rules in
particular. Private equity arrangements commonly involve large amounts of debt
which can be offset against UK tax, with offshore set-ups in place to minimise
the level of tax paid.
Does Darwin's theory apply to taxation? Colin ponders...
The UK tax gap fell in 2014-15 to its lowest-ever level of 6.5%, revealed official statistics published today
Changes to the tax system is urged to support the growth of entrepreneurs, found a report from the Grant Thornton UK, the Institute of Directors, and the Prelude Group
The EC has been instructed to draft a European Union (EU) directive authorising an EU financial transaction tax, which would apply to ten of the EU’s 28 member states