Private Equity Takeovers Debate
Full Debate: Read Full DebateDepartment: Department for Business, Energy and Industrial Strategy
Lord McFall of Alcluith
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Private Equity Takeovers
Lord McFall of Alcluith Excerpts(2 years, 6 months ago)
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Lord Callanan (Con)
My Lords, I have never noticed any lack of interest from the Treasury in extending the tax base whenever it possibly can, but the current tax rules reflect the hybrid nature of this reward. If investment managers realise their carried interest gain within three years, that gain is treated as income and taxed accordingly. This approach is also followed by other comparable jurisdictions.
The Lord Speaker (Lord McFall of Alcluith)
Lord Dubs? Not present? I call the noble Lord, Lord Holmes of Richmond.
Lord Holmes of Richmond (Con)
My Lords, does my noble friend agree that inward investment and an economy open for global business are good, but where a UK target company has been built largely and perhaps sometimes exclusively on taxpayer-funded government contracts, should we not reconsider the current regime?