Treasury - Tenth Report

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Here you can browse the report together with the Proceedings of the Committee. The published report was ordered by the House of Commons to be printed 24 July 2007.

Contents

Terms of Reference

Summary

1  Introduction

Our inquiry

Scope of the inquiry

2  The private equity industry

The size of the industry

The growth of the industry

Typical fund structures

Rates of return

Future prospects for private equity

3  Private and public equity models compared

Advantages and disadvantages of private equity

Chain of ownership

Investment horizon

Reporting requirements

Incentives

Leverage

Job creation and destruction

Pensions

Public or private equity?

4  Economic Risk and Financial Stability

Introduction

Market abuse and conflicts of interest

Leverage and economic risk

The increase in leverage

The economic and credit cycle

Covenant-lite loans

Excessive leverage

Unclear ownership of economic risk

5  Transparency

Transparency to the public and to employees

Independent data

A legislative response?

Transparency to investors

The purpose of transparency

Competition and the fee structure

The TUPE Regulations

6  Taxation  

Introduction

Taper relief and carried interest

The Memorandum of Understanding

Tax treatment of debt and equity

Tax domiciliary status

7.Conclusions

Conclusions and Recommendations

Formal minutes

Witnesses

List of written evidence

List of Reports from the Treasury Committee during the current Parliament Session 2006-07

List of Reports from the Treasury Committee during the last Parliament Session 2005-06

ORAL AND WRITTEN EVIDENCE - HC 567-II
12 June 2007
20 June 2007
3 July 2007

WRITTEN EVIDENCE

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Prepared 30 July 2007