Thursday 9 July 2015

UK: Summer Budget announcements

The Chancellor of the Exchequer delivered his second budget of the year yesterday: see here. A copy of the budget report - known as the red book - is available here (pdf, 6.39 MB). Amongst the many changes announced - which included future reductions in corporation tax; the introduction of a new regime for the taxation of dividends; and a new tax on banking sector profit - was one relating to the legal framework governing limited partnerships. To quote directly from the red book, the Government plans to "publish a consultation paper on technical changes to limited partnership legislation to enable private equity and venture capital investment funds to more effectively use the limited partnership structure"  (para. 2.184).

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