BVCA Budget reaction
Responding to today’s Summer Budget, Tim Hames, Director General of the British Private Equity & Venture Capital Association, said:
“The BVCA will work with HM Treasury and HMRC to achieve the smooth, sensible and simple implementation of the changes that the Chancellor has introduced in respect to the private equity sector and carried interest especially. The BVCA is confident that the Government appreciates the importance of ensuring that the UK remains Europe’s leading centre for fund management.
“On the broader Budget, the BVCA endorses the progress towards a surplus in public finances in this Parliament. It strongly supports the additional reductions in corporation tax that the Chancellor has set out. The increase in the Annual Investment Allowance is also to be applauded. It sees advantages in both the creation of a National Living Wage and an Apprenticeship Levy but urges ministers to act with due care to the specifics of particular sectors in the pursuit of their ambitions.”
Notes to editor
The British Private Equity & Venture Capital Association (BVCA) is the industry body for the UK private equity and venture capital industry. The BVCA has over 500 member firms, representing the vast majority of UK-based private equity and venture capital firms and their advisers.
