Private Equity managers have won a reprieve from a tax charge.
The industry had been anxiously awaiting a review of the rules on managers
shareholidngs. Private equity chiefs often acquire shares at the same price as
other shareholders but see their holding ratcheted up to give them an
entitlement to a higher percentage of the company then they first paid for.
Experts welcomed the move but cautioned it may not be a lasting settlement.
Paul Megson, Private equity tax expert at KPMG, was quoted in the FT saying:
‘It is good news but it is not entirely clear that the Revenue wouldn’t want to
legislate to get back to the position it had before.’
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