Overview
- A letter coordinated by Innovate Finance’s Unicorn Council urges the chancellor to avoid measures that would sap confidence, including any exit tax on wealthy individuals.
- Signatories include Revolut, Funding Circle, OakNorth, ClearScore and Quantexa, representing firms collectively valued at well over $100bn.
- The founders call for reversals to recent capital gains and inheritance tax changes, arguing they would deter investment and talent.
- They cite the cut to Business Asset Disposal Relief’s lifetime limit from £10m to £1m as a key factor reducing the UK’s appeal to entrepreneurs.
- Rachel Reeves has courted the sector with roundtables and a Downing Street reception, as she prepares a 26 November budget that is expected to lift taxes and has prompted broad lobbying from banking and gambling groups.