Returning Italians and rich foreigners lured by tax breaks bring newfound energy to financial centre
As Milan’s world-renowned Salone del Mobile furniture fair kicked off in April, the founders of the high-end lifestyle magazine Cabana threw a party to open their first shop and celebrate the publication’s 10-year anniversary. “Our main markets are the UK and the US and we were originally planning to open our first store in London or New York,” said co-founder Martina Mondadori.
Labour has also struck fear into the UK’s private equity industry by pledging to close a “loophole” on the taxation of private equity managers’ profits on successful deals, known as carried interest. It is currently taxed as a capital gain at 28 per cent rather than as income, which attracts a top rate of 45 per cent plus national insurance.
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