BVCA WELCOMES A BUDGET FOR ENTERPRISE IN THE YEAR OF VENTURE
23 March 2011
Commenting on George Osborne's first full Budget as Chancellor delivered today, Mark Florman, Chief Executive of the British Private Equity & Venture Capital Association (BVCA), said:
"The BVCA warmly welcomes what is a Budget for Enterprise in our Year of Venture. The changes set out to the Enterprise Investment Scheme, allied to those affecting Venture Capital Trusts, are genuinely bold and should serve to kick-start innovation in this country. The expansion of Entrepreneurs Relief is similarly positive and should be no less beneficial. The proposed moratorium on regulations affecting start-up companies will be of huge benefit to the companies concerned and the BVCA will actively support the Start-Up Britain campaign which the Prime Minister will launch next week. The additional cut in corporation tax also shows that the Chancellor is serious about opening Britain to business. All of which is completely consistent with the BVCA's budget submission and its Year of Venture campaign.
In broader economic terms, the BVCA is also encouraged by the Government's commitment to lower and less complicated taxation, de-regulation and the overhaul of the planning system. While we remain unconvinced that amending arrangements for non-doms will generate net additional revenues, the more benign tax treatment for investments made in the UK and the certainty provided by the pledge not to revisit this issue again in this Parliament are comforting. We are pleased to see that the Green Investment Bank will start work a year earlier than expected and that it will become a fully-fledged Bank in due course. And as many in the private equity and venture capital sector are active supporters of charitable causes - not least through the Private Equity Foundation - we strongly endorse the reforms that the Treasury has announced to enhance and simplify Gift Aid conditions."
FOR FURTHER INFORMATION PLEASE CONTACT
Simon Horner, BVCA: +44 (0)20 7420 1806
Tim Hames, BVCA: +44 (0)20 7420 1840
Tom Allchorne, BVCA: +44 (0)20 7420 1807
Note to editors:
1. For the BVCA's Budget submission, please click here
2. For more information about the BVCA's 'Year of Venture' campaign, please click here
3. The British Private Equity and Venture Capital Association (BVCA) is the industry body for the UK private equity and venture capital industry. The BVCA has over 450 member firms, representing the overwhelming number of UK-based private equity and venture capital firms and their advisers.