date: 10 December 2007
embargo: for immediate release
Commenting on the Government's response today (Monday) to the Treasury Committee's Interim Report on private equity, TUC General Secretary Brendan Barber said:
'Today's response by the Government and the FSA has failed to address many of the concerns raised by the Treasury Committee on the treatment of private equity.
'The Government's explanation of the 'memo of understanding' that allows carried interest earned by private equity general partners to be taxed as a capital gain does nothing to convince that TUC that this tax treatment is justified. We remain of the view that carried interest is income and should be treated as such.
'This is a prime example of how the super-rich avoid paying their fair share of tax. And that simply means the rest of us have to make up the difference.'
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Issued: 10 December, 2007