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Gordon Brown said he would look to eradicate instances of tax loopholes that were being utilised by private equity managers.
While a company formation can benefit from such tax mitigation measures, the prime minister told the Labour party conference this week that loopholes that shouldnt exist would be acted on, reports the Times.
He told delegates: "Sometimes its very difficult to do so because youve got lawyers and accountants who are always trying to find these loopholes.
"But on this issue of private equity, I can assure you we will do so."
The Treasury is currently looking into whether private equity fund managers should pay 40 per cent income tax on their business investments instead of the ten per cent capital gains they pay presently.
Worries about changing the existing legislation have already been expressed by The British Private Equity and Venture Capital Association which told the paper it would be "very concerned" if new tax planning laws hit the competitiveness of Britains private equity laws.
Figures from the markets this morning saw the euro climb to an all-time high against the dollar reaching $1.4166 in early trading. The rise was attributed to traders pre-empting what is expected to be weak macroeconomic data published later this week.
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