Labour Backtracks on Carry Interest Tax

This is a London news story, published by Guardian, that relates primarily to Rachel Reeves news.

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private equity bosses

Guardian

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How private equity convinced Labour to go easy on its multimillion pound tax perk

Summary

Nutrition label

80% Informative

Rachel Reeves had originally pledged to raise 565 m a year by cracking down on indefensible’ tax loophole that left carried interest taxed as a capital gain at 28% .

That compares with the 45% rate of income tax applied to higher earners and most City bonuses.

The move will raise just 300 m for the exchequer by 2030 .

Top London private equity lawyer Neel Sachdev sparked fear in March when he warned that a tax hike could do more harm to London ’s status as a dealmaking centre than Brexit .

Sachdev said it was “terrific” that the government had “acknowledged the need to safeguard the strength of the UK as a private equity and asset management hub” But others said the government could have “gone further”.

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Informative language

Neutral language

Article tone

informal

Language

English

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not offensive

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not hateful