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UK Labour Raises Capital Gains Tax Less Than Feared In Budget Speech
The UK Labour government announced plans to raise the rate of capital gains tax on share sales as part of its budget announcement, offering some relief for technology entrepreneurs who feared a more intense tax raid on the wealthy. Finance Minister Rachel Reeves said the lower capital gains tax rate will be increased to 18% from 10%, while the higher rate will climb to 24% from 20%. The tax hikes are expected to bring in £2.5 billion. Reeves maintained the £1 million lifetime limit on capital gains from the sale of all or part of a company under business asset disposal relief (BADR), quashing fears from entrepreneurs that the tax relief scheme for entrepreneurs would be scrapped. The announcement comes after speculation over capital gains tax changes caused a backlash from tech founders and investors. A survey conducted by Startup Coalition and Beauhurst showed that 89% of those polled would consider moving themselves or their business abroad, with 72% having already explored this possibility. The government should pursue reforms that make it easier for startups to attract talent through employee ownership and ensure all regulators prioritize innovation and growth, according to Hannah Seal, a partner at Index Ventures.
