BVCA hopes CGT announcement will end period of uncertainty for business

Responding to the Chancellor's announced changes to Capital Gains Tax today, Simon Walker, Chief Executive of the BVCA - The British Private Equity & Venture Capital Association, said:

The announcement by the Chancellor today changes very little for our industry. Whilst it provides an important relief for small businesses, it does not address the question of how to encourage serial entrepreneurship, which is at the heart of business growth and development. The rate of 18% remains and this does make the UK less competitive than it was a year ago.

What is most important for business, especially as we enter a more challenging economic time, is certainty and predictability. We hope that the announcement today settles the period of instability we have been through, with businesses knowing where they stand for the medium to long term.