A Budget of small steps
Commenting on George Osborne’s Budget statement, Tim Hames, Director General of the BVCA, said:
“With the striking and intriguing exceptions of the tax treatment of savings and defined contribution pensions, this was a Budget of small steps rather than great leaps in policy. That is not surprising allowing for the stage of the economic recovery which we have reached and the fact that we are approaching the end of this Parliament.
“Private equity and venture capital backed businesses are all about growth, so measures to increase support for exporters and the doubling of the annual investment allowance will be welcomed by our members’ investee companies up and down the country.
“Also welcome are measures to encourage apprenticeships, enhance the R&D Tax Credit for SMEs, the rendering of the SEIS scheme permanent and the details of the new social investment tax relief. This last initiative represents a real opportunity for immensely worthwhile innovation and it will be an area where the BVCA will focus with particular intensity over the coming 12 months.”
Notes to editor
- The BVCA’s Budget 2014 submission can be found here.
- The British Private Equity & Venture Capital Association (BVCA) is the industry body for UK private equity and venture capital. The BVCA has over 500 member firms, representing the overwhelming number of UK-based private equity and venture capital firms and their advisers.
