U.K. Raises Capital Gains Tax

This is a U.K. news story, published by CNBC, that relates primarily to Rachel Reeves news.

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Higher taxes will make it harder for Britain to build 'the next Nvidia,' tech execs say

Summary

Nutrition label

79% Informative

Technology entrepreneurs and investors slammed the U.K. government's decision to hike capital gains tax, National Insurance contributions and carried interest for VC fund managers.

Finance Minister Rachel Reeves announced a move to raise CGT as part of a far-reaching announcement on the Labour government's fiscal spending and tax plans.

Hikes were less severe than previously feared, but push toward a higher tax environment for corporates stoked the concern of several tech executives and investors.

Higher CGT rates mean tech entrepreneurs will face "greater costs when selling assets," while the rise in employer NI contributions "could impact hiring decisions" Sean Reddington , founder and CEO of educational technology firm Thrive, said that many firms would still welcome the "longer-term certainty and clarity provided".

VR Score

Informative language

Neutral language

Article tone

formal

Language

English

Language complexity

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not offensive

Hate speech

not hateful