Tax crackdown on UK PE firms
Treasury chief secretary Danny Alexander will declare that he is closing tax loopholes used by accountants and private equity firms in the UK at the Liberal Democrat conference in Glasgow today.
The loopholes concern the practice of the "vast majority" of partners at private equity firms. One classifies part of their income as eligible for corporation tax, which is half the level of the 45p income tax, via complex loans.
The second loophole in question is when private equity firms set up separate companies to pay their employees, which incurs a rate of 23% rather than the full rate of income tax.
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