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This edition of the Technical Update covers the BVCA’s Budget Representation, the BVCA urging Government not to tax partnership profits, the FCA’s promise of clarifications on the application of Consumer Duty to wholesale firms, and the proposed SMCR simplifications. We also highlight recent announcements on the BVCA’s response to the consultation on the NSI Act Notifiable Acquisition Regulation, the EU streamlining of sustainability reporting and due diligence requirements, and more.

Baderin Tejuoso, Senior Venture Capital Executive reports on the themes which dominated discussion at Saastock 2025, where attendees talked about the importance of timing, reading the market, and how pension capital can help to close the scale up gap.

BVCA Chief Executive Michael Moore, together with Karim Palant and Isobel Clarke, met with Treasury Minister Torsten Bell MP on Thursday to discuss how its proposed NOVA scheme could help facilitate greater investment in private capital and build more partnerships between institutional investors and UK VC’s and growth capital firms.

Throughout the Labour Party conference, the BVCA advocated for the Government’s pension reform agenda to support increased investment into private capital, including regional funds.

This edition of the Technical Update covers the BVCA’s response to the Government’s consultation on draft legislation for carried interest changes, ideas for reforms to EIS and VCTs and the BVCA’s response on UK Sustainability Reporting Standards. We also cover recent announcements relating to the UK Government’s Transition Plan requirements, HMT’s consultation on Money Laundering Regulations proportionality enhancements and shortened firm authorisation deadlines.

Over the past two years, the BVCA has undertaken a significant plan of work to help unlock greater levels of pension fund investment in venture and growth capital. From our Investment Compact to the work of the Pensions & Private Capital Expert Panel, we have been working to bring two industries together for the benefit of ambitious SMEs and the pension savers who can benefit from their growth.  

The BVCA response to the draft rules reforming the tax treatment of carried interest highlighted the need for clear drafting to avoid double taxation, proportionate rules for internationally mobile individuals, and workable provisions on average holding periods across different fund types.