Private equity bosses will defend their lucrative tax breaks on buyout deals when they meet MPs on the powerful Treasury select committee on Wednesday despite weekend reports that they would capitulate to demands for higher taxes, reports The Guardian.
Directors of five of the biggest firms, including Damon Buffini, the head of Permira, which owns the AA and Birds Eye, will tell MPs on the committee that higher taxes will lead to an exodus of firms to rival financial centres which are busy lowering their tax to compete with London. They will also argue the risks they take should be rewarded with a lower tax regime. Unions and MPs have argued in recent months that private equity firms were profiteering while paying less tax than many low paid workers. Unions have also expressed concern about the sector, arguing that it buys up firms usin...
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