UK tax favours business best

The UK tax and legal environment is the most favourable in Europe for the development of private equity and venture capital, according to a report released by the European Private Equity and Venture Capital Association this month. The report, titled ‘European Private Equity and Venture Capital: Benchmarking European Tax and Legal Environments', identified ten key indicators which shape favourable private equity environments then scored the 15 EU member states against each to produce a composite score. The UK and Ireland scored lowest as most favourable; Luxembourg, the Netherlands, Italy and Greece all received better than average scores; while Germany, Denmark and Austria were rated as the least favourable entrepreneurial environments.Max Burger-Calderon, EVCA Chairman, stressed that the report is not intended to rank countries. Rather its aim is to promote convergence and to inspire decision-makers to develop favourable, harmonised tax and legal policies with respect to private equity by assessing the best practices in place. The report found that the fragmented nature of the tax and legal environment within the European Union hampered the development of truly entrepreneurial conditions. The objective of the study has been to produce a benchmarking tool, enabling comparisons to be drawn between EU member states, and to allow governments and stakeholders to initiate actions where needed. EVCA now intends to enlarge and update the report on an annual basis.

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