Michael Moore, Director General of the BVCA, said:
“Private capital is driving the COVID recovery in all parts of the UK, with 90% of investment going into small and medium sized businesses. It supports over a million jobs and is helping the UK to become more competitive and to meet its climate objectives through substantial investments in tech and other sectors.
“Providing an internationally competitive investment climate is essential to this – current taxation rates for carried interest reflect the reality that private capital is invested for the long term and is at risk throughout. In the UK, there has been substantial tax reform in recent years, and we now have amongst the highest rates in the world on ‘carried interest’. Any proposals for change need to take careful account of this.”
Notes to editors
- For more information on any of the above, please contact the BVCA’s External Communications Manager, Will English, on email@example.com.
- The British Private Equity & Venture Capital Association (BVCA) is the industry body for the UK private equity and venture capital industry. The BVCA has over 750 member firms, including more than 450 fund managers and institutional investors, representing the majority of UK-based private equity and venture capital firms and their advisers.