The UK’s Inland Revenue has made what some view as an embarrassing climbdown on a tax change that could have forced leading private-equity players overseas.
The tax would have cost specialists such as Guy Hands and Ronald Cohen millions and could have driven them abroad. “If taxation were too high, it would stifle entrepreneurial activity and might result in private-equity houses moving abroad. You don’t have to work in the UK,” says Edmund Truell, chief executive of Duke Street Capital.
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