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Labour's plans to crackdown on private equity are only the beginning of the political dog fight

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Political interest in private equity has ramped up over the last year.

After a string of high-profile political interventions on recent PE deals, from defence to retail, the Labour Party has made it their mission to scrap the carried interest tax rules that PE fund managers benefit from. Returns would no longer be booked as capital gains (taxed at 28 per cent) but as income (at 45 per cent).

Labour claims around 2,000 individuals would pay £170,000 more a year, raising around £440m for the Treasury. In revenue terms, this is........

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