Private equity – time for a level playing field.

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I'm not opposed to private equity. I can't be, or at least I'd be a hypocrite if I were. I have run companies funded by it. But they were genuine entrepreneurial start-ups of the like most capitalists avoid like the plague. So I know it has its use.

Asset stripping is not one of its uses, especially when tax subsidised. So I'm delighted to see enquiries into its tax status and structure being announced here and on the other side of the Atlantic virtually simultaneously.

For those who think business works best when there's a level playing field, and for all those in business who attack complexity in tax that provides unfair competitive advantage to certain participants this should be welcome. Don't expect many business organisations to be singing from the rooftops today then.