BVCA responds to Rachel Reeves' Autumn Budget

Responding to changes to the carried interest tax regime announced by Chancellor Rachel Reeves in her Budget Statement, Michael Moore, chief executive of the British Private Equity and Venture Capital Association (BVCA), said:

“It is welcome that the government has listened to our arguments on the value of the private capital industry and how important this sector is to the economy.

“We recognise that the Government has had to balance the need to raise revenue for essential public services with the requirement to keep our economy competitive.

“The announcement on carried interest recognises that a tax treatment which reflects the long term, risk-based nature of private capital investments is necessary to ensure that this important UK sector can continue to flourish in an increasingly competitive international environment.

“Our industry will work with the Government as it consults on implementing these changes and ensures any risks of reducing investment are mitigated.”