UK equities and carried interest in the private markets industry came into focus after Chancellor Rachel Reeves delivered the Budget today – a budget she claimed would restore economic stability and begin a decade of national renewal.
Among proposals was a commitment to boosting public investment by over £100 billion over the next five years across roads, rail, schools and hospitals whilst “keeping debt on a downward path”.
Capital gains tax (CGT) changes were welcomed by one onlooker. CGT will increase from 10% to 18% for those paying the lower rate, and 20% to 24% for those paying the higher rate. These new rates will match the residential property rates, which will remain unchanged.
Craig Ritchie, a partner at GSB Wealth, said: “Increases to capital gains tax are not as high as expected and level the playing field once more between shares/funds and property investing.”
He said that, overall, the budget had not…
