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Exploring changes in the fiscal environment and their impact on private equity18/02/2004. Source: KPMG Private Equity Group. Paul Megson 
 A number of changes have recently taken place in Europe's fiscal environment that have had significant implications for the region's private equity industry, according to Paul Megson of KPMG Private Equity Group.
These implications include the scope for debt push down in leveraged investments, a possible trend back to preference shares and changes to executive share incentives and carried interest.
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Paul Megson, Partner, KPMG Mergers & Acquisitions Tax, London. Paul joined KPMG in 1988 after 7 years with the Inland Revenue in London. He joined the Transaction Services group full-time in 1994, pioneering private equity as a specialist field in tax planning. Paul has advised on a number of private equity transactions including the management buyouts of BP Nutrition,Inchcape Testing Services and Global Refund, and on the structuring of a number of European private equity funds.
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