Summary of Britain faces warnings of a tech exodus over tax plans ahead of ...

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2024-10-23 19:15:19

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Summary of Britain faces warnings of a tech exodus over tax plans ahead of high-stakes budget

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Britain faces warnings of a tech exodus over tax plans ahead of high-stakes budget

Technology bosses and investors warn the U.K. could face an exodus of entrepreneurs if the government hikes capital gains tax — a levy on investment profits.

https://www.cnbc.com/2024/10/21/britain-faces-warnings-of-tech-exodus-over-tax-plans-ahead-of-budget.html

Rachel Reeves, Britain's Finance Minister, plans to increase capital gains tax, potentially causing entrepreneurs to leave the U.K. The proposed tax hike, including a jump to 39%, and a cut in business asset disposal relief, could weaken the country's startup ecosystem. Over 500 entrepreneurs have urged Reeves to resist these changes, warning of the negative impact on business growth. However, some business owners support raising the tax rate to match income tax levels, stating that capital gains tax is not a major factor influencing investment decisions.

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2024-10-23 19:15:19

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