Coronavirus (COVID-19) updates

Our broad approach is summarised in our Statement of Best Practice. The key element of our approach has been to maintain a close ongoing dialogue with our members on the one hand, and with the relevant policy makers on the other.

Ongoing conversations with our members

The BVCA reached out to members via surveys and direct conversations to gather feedback on the impact of COVID-19 on their firms and portfolio companies. We used this feedback to provide a significant amount of written evidence to HM Treasury and Government departments on how the various support measures and mechanisms were working for firms and their portfolio companies, and how they could be improved.

We also hosted a series of webinars for our members about the broader UK private equity and venture capital industry response to COVID-19, and how the BVCA has been supporting its members and their portfolio companies during the pandemic.

Ongoing conversations with the Government and regulators

The BVCA worked with a wide variety of Government and regulatory stakeholders during 2020 and 2021 to ensure different aspects of the Government response to COVID-19 were designed in a way that supported portfolio companies effectively. This work covered a broad range of policy areas, including the following:

IPEV’s special coronavirus Valuation Guidelines to support firms filing valuations for March 2020.
HMRC updates to the company residence and permanent establishment rules.
HMT initiatives to help businesses access financial support across the funding spectrum, including the Bounce Bank Loan Scheme, the Future Fund, the Coronavirus Large Business Interruption Loan Scheme (CLBILS) and the Coronavirus Business Interruption Loan Scheme.
HMRC’s Deference of Value Added Tax (VAT) payment for all UK businesses.
BEIS and the Insolvency Service’s work on the Corporate Insolvency and Governance Bill, including temporary suspension of the wrongful trading laws and a moratorium on the filing of winding up petitions (see our letter to BEIS on winding up petitions).
BEIS’ “roadmap” to gradually rebuilding the economy and reopening society with caution.
FCA supervisory priorities (with the FCA publishing expectations and guidance for firms).

Coronavirus Updates

Ongoing conversations with our members

Ongoing conversations with the Government and regulators

View our webinars on the impact of COVID-19 (recorded 2020)

Further information