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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.