Listed below are our UK press releases, providing an overview of our activities and opinions over the last 18 months. Our most recent press releases can be found at the top of the page.
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| European buy-out market continues to break records |
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04 April 2005 |
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The European buy-out market has reached a record €80.2bn according to the Centre for Management Buy-Out Research (CMBOR), Europe’s pre-eminent provider of analysis on the UK and European buy-out market. Sponsored by Barclays Private Equity and Deloitte, the figures are the most comprehensive compilation of pan-European data for 2004 and show that continental Europe has broken the €50bn mark for the first time, widening the growing chasm with the UK for the fourth consecutive year (value of the UK buy-out market in 2004 was €30.1bn).
The number of deals completed in continental Europe also rose in 2004 with 587 completed compared... |
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| Marks & Spencer tax loss claim |
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01 April 2005 |
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The relevant UK group relief legislation is in Taxes Act 1988 as amended by Finance Act 2000. Prior to April 2000, only companies resident in the UK are eligible for group relief. Since April 2000, both the surrendering and claimant company have to be UK resident or carrying on a UK trade.
M&S case and other loss relief claims
M&S opened its Paris store in 1975 and over the next 20 years expanded throughout continental Europe. By the late 1990s the European operations were making substantial losses and in 2001 a decision was taken to withdraw from France, Belgium and Germany. The losses which are the subject of... |
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| Earthquake to further challenge Asian hotel industry resilience |
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30 March 2005 |
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The recovery of the Asian hotel industry from the tsunami will face a significant set back as a result of this weeks earthquake in Indonesia, according to Marvin Rust, hospitality partner at Deloitte:
“Hotel occupancy figures had already plummeted in the period since the tsunami, with Phuket being the worst affected, with a drop in occupancy from 80 percent to 40 percent in the first two months of 2005. However, the figures for February were substantially better than for January pointing towards a rapid recovery in hotel performance for the region before this weeks events.
“Deloitte’s HotelBenchmark Survey also shows that... |
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| UK company law reform follows in Sarbanes-Oxley footsteps |
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29 March 2005 |
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‘Not as tough as Sarbanes-Oxley but a step in that direction’ is the overriding message on UK company law in Deloitte’s latest Corporate Governance Update. Reacting to the recent publication of the Company Law Reform White Paper, the Update warns of tougher penalties for accounting offences and liability for legislation breaches extending beyond directors and company secretaries.
Deloitte Audit Partner Martyn Jones said: “The Government has taken a lead from the US in deterring corporate misconduct although the measures outlined in the White Paper are not as severe as Sarbanes-Oxley legislation.
“The consultation period is an... |
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| Surprise implications of UK-UK transfer pricing on employee benefits |
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24 March 2005 |
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Employers will soon have to prepare themselves for the reporting of benefits-in-kind they have provided for their employees in the year to 6 April 2005. The deadline for reporting the benefits to the Revenue is 6 July. This time, however, there is a significant new twist, with implications for: As of April last year, ‘transfer pricing’ adjustments have to be made between large, related businesses, even where both are in the UK. This could have unexpected consequences where benefits-in-kind are provided by (say) a... |
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| Deloitte appoints new head of manufacturing |
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24 March 2005 |
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Deloitte today announced the appointment of Jane Lodge as head of the manufacturing group in the UK. Jane is the first woman to be awarded the senior industry role. As part of the industry group based in Birmingham, Jane will be responsible for growing the firm’s manufacturing practice. She will also lead the development of the national manufacturing team to further enhance the capabilities of the group.
Over the last 25 years at Deloitte, Jane has gained extensive experience of advising global businesses across Europe and the US as well as growing technology companies and those operating in the financial services sector.... |
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| Buy-out market blooms as spring approaches but dark clouds loom on the horizon |
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21 March 2005 |
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The buy-out market is set to blossom this spring according to preliminary figures released today by the Centre for Management Buy-out Research (CMBOR), the leading provider of analysis on the UK and European buy-out markets. Sponsored by Barclays Private Equity and Deloitte, the statistics paint a rosy picture, with buy-out values reaching £5bn – resulting from 154 deals – in the first quarter of 2005 alone. However, dark clouds – in the guise of the debt bubble and new tax rules – are looming on the horizon and could lead to a unsettled private equity market for the rest of 2005.
Mark Pacitti, Corporate Finance Partner at... |
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| ‘Many household names from financial services to disappear due to regulatory avalanche’ predicts report on financial services |
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21 March 2005 |
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Some life insurance firms could struggle for survival under the pressures of new regulation and a challenging economic environment, according to a new report by professional services firm Deloitte.
The report, “2005: UK Financial Services at a Watershed” looks at the impact of regulation on banking and life insurance markets and is based on a survey of leading financial institutions.
Deloitte finds that an avalanche of regulatory initiatives and new business economics is poised to change the face of UK retail financial... |
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| The Advocate General's opinion rules out Italian Tax |
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17 March 2005 |
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The Advocate General (AG) has issued his opinion in favour of the taxpayer in the Banca Popolare di Cremona case. The taxpayer had argued that the Italian regional tax (IRAP) is illegal as it is similar to VAT and the EU treaties prohibit national taxes charged on turnover. If the opinion is upheld by the European Court of Justice (ECJ) this could cost the Italian Government €120 billion, according to the AG.
The Italian tax IRAP is levied on companies, partnerships and individuals, in a similar way to VAT. The taxpayer argued that the application of IRAP is contrary to European law as Italy has VAT on turnover.
The AG rejected... |
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| Deloitte Global Telco Index: dramatic increase in market value of telecommunications companies |
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16 March 2005 |
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Deloitte’s Technology, Telecommunications & Media (TMT) group, has today released its Global Telco Index, revealing that the combined market value of the Index increased 28% from 1 January 2003 to 31 December 2004. This is a marked increase from previous Indices, which outlined a 69% decrease from 1 January 2000. The EMEA weighting rose in the Index from 41% to 47%, outperforming smaller improvements in the Americas and Asia Pacific regions.
Tony Cooper, telecommunications partner at Deloitte, comments: “The industry appears to have adhered to a number of principles highlighted in Deloitte’s last Global Telco Index, in particular... |
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