Reuters has reported that:
Private equity investors are threatening to leave the Netherlands due to a proposed law that could raise the tax they pay on investments to as much as 52 percent from 1.2 percent currently, investors said on Wednesday.
“If the government is proceeding with this law there is no reason for us to continue […]
The Budget contains revisions to the rules for employment related securities relating to people who are resident but not ordinarily resident in the UK. These rules get so close to making the private equity carry chargeable to income tax for some non-domiciled people.
But then you have to remember that the BVCA rules deem the carried […]
The Independent ran a front page story on the cost of tax havens to Europe. It’s not 100% accurate but the location of the story in the paper gives some indication of how they view this.
The Guardian covered the fact that both the Treasury building and the Home Office are now owned through offshore structures, […]
The Independent reports that:
Simon Walker, chief executive of the British Private Equity and Venture Capital Association (BVCA), has warned that growing resentment of government tax changes could cause as many as 100 buyout firms to quit Britain for tax havens abroad.
He said that he was aware of an increased number of approaches from Swiss tax […]
Marty Sullivan at Tax Analysts has been continuing his work on tax haven abuse, this time turning his attention to the use of hedge funds in the Caribbean by US investors as a way of avoiding and evading tax.
As he notes:
Previously we reported that tax evasion by individual investors in offshore hedge funds was a […]
The Walker Code on private equity will be published today.
I have little to add to the despair I expressed yesterday when learning that Sir Mike Rake was to head the review process.
And in any event Brendan Barber of the TUC seems to have said it all when saying:
While disclosure is vital, the wider implications of […]
Accountancy Age has reported that:
Sir Mike Rake has been given the high-profile task of policing the new code of conduct for private equity firms that will be released by Sir David Walker tomorrow.
The code is aimed at making the buy-out industry more open and transparent. According to the Times, it is a voluntary code that […]
The private equity industry suffered almost no losses in yesterday’s PBR. And it was much the same in the States. The Tax Prof Blog reports that the front page story in today’s Washington Post is:
Buyout Firms to Avoid a Tax Hike; Reid Passes Word Senate Won’t Act
Senate Majority Leader Harry M. Reid (D-Nev.) has told […]
Executive summary
A massively missed opportunity. The last thing we should expect from a Labour Chancellor. A political mistake - an admission that the Tories are indeed setting the agenda, and entirely for the benefit of their natural supporters.
Inheritance Tax
The one clever move in the PBR was to allow couples to use each others allowances. It […]
Time for some quiet reflection on the budget.
Let’s consider the related issues of domicile, private equity and capital gains tax. Alastair Darling had to do something on these issues. Earlier this year we had the farcical situation of some in the private equity industry saying they were paying tax at lower rates than their cleaners. […]
