The private equity industry is facing a tough shake-up in the way it is
taxed, with chancellor Alistair Darling proposing stiffer capital gains tax
(CGT) rates and lengthening the taper relief period.
According to the FT, Darling is considering an increase in CGT from
10% to 20% for businesses classed as business assets as well as an increase in
the taper relief period from two years to five years.
Also under consideration is the idea of drawing a tax distinction between
mega-fund buyouts and small venture capital deals.
The reforms were reportedly discussed in meetings last week between Treasury
officials and private equity representatives. Buy-out bosses are said to be
relieved by the proposals, as they feared much harsher measures.
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