UK Hikes Capital Gains Tax

This is a U.S. news story, published by CNBC, that relates primarily to Rachel Reeves news.

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capital gains tax

CNBC

•

Sigh of relief for UK tech founders as Labour hikes capital gains tax by less than feared

Summary

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80% Informative

Finance Minister Rachel Reeves on Wednesday hiked capital gains tax ( CGT ) and increased the rate of tax applied to an entrepreneurs' relief scheme.

The tax hikes are expected to bring in 2.5 billion .

One tech founder who last week threatened to move to the U.S. over the anticipated tax changes, told CNBC that Wednesday 's announcement was "better than I thought it would be".

Tech entrepreneurs and investors are urging the government to return to its focus on fostering growth and innovation in the U.K. The messages were key to Labour 's election manifesto prior to the landslide win that saw Keir Starmer become prime minister.

"We're already seeing early-stage firms in the UK struggle securing pre-seed and seed funding, with VCs here having a lower risk appetite," says Phil Kwok .

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formal

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English

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not hateful