Unions will this week launch a vitriolic campaign against the private equity
industry when they press the Labour Party to reform tax relief on interest.
The GMB Union , has,
according to the
Telegraph , accused private equity groups of asset stripping. This
week the union will place tax relief on interest – one of the main drawcards for
private equity – at the centre of the contest for the Labour deputy leadership.
Peter Hain , one of
the front runners for the deputy leadership, has given is support to the
reforms. However, Jon Moulton, the private equity veteran from Alchemy Partners,
rejected the criticism of the industry and warned of the consequences of
scrapping interest relief on debt.
‘The UK only has one decent industry and it’s called financial services,’
said Moulton. ‘If we mess around with that we’ll be at the IMF asking for loans
for food. If you eliminate interest deductions for UK acquirers, you put the UK
at a massive disadvantage against Europe and the rest of the world.’
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