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10.12 - 19:53
LV= to be taken over by offshore firm if Bain deal goes ahead
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The insurer LV= will be taken over by a company based offshore in Jersey if members agree to deal orchestrated by US private equity firm Bain Capital that would see it lose its historic mutual status.
Bain has established a Jersey-based company called BCC Blake Bidco Ltd to carry out the takeover, according to correspondence between an independent expert and Gareth Thomas, a Labour MP and shadow minister of international trade.
Companies in Jersey and other tax havens are regularly used by private equity firms to take advantage of their 0% corporate tax rate and lower disclosure requirements. It is understood that the new owner of LV= will file UK tax returns and be subject to UK tax.
Thomas on Tuesday wrote to the Bain managing director
Read more on theguardian.comAbout this in other media
All you need to know about Bain’s offer for LV= as vote looms fnlondon.com /2 years ago
MP calls for Yorkshire Building Society vice-chair to quit over LV= role theguardian.com /2 years ago
Impact investing grows 26 % annually last decade, but 97% inflow from offshore players: Report financialexpress.com /2 years ago
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