The #mayfairloophole needs closing. @George_Osborne won't do it - will you?
Petition http://t.co/MQCiKAxONl …
Millionaires at private-equity firms are avoiding up to £700m in tax a year using a loophole which George Osborne has repeatedly failed to close.
Tax campaigners said the arrangement, brokered in private between HM Revenue and Customs and the British Venture Capital Association (BVCA) – amounted to “Government-sponsored tax avoidance on a breathtaking scale”.
The investigation, published by the campaign group 38 Degrees, also revealed 16 private-equity bosses belong to the Conservative Party’s elite Leaders Group of major donors, giving more than £7m to the Tories since 2008.
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