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The Guardian - UK

Business

Dan Milmo Global technology editor

Hike in capital gains tax will spark tech exodus from UK, investor says

Harry Stebbings United Kingdom capital gains Rachel Reeves Britain London OpenAI

An advanced CPU printed with a flag of UK on a neon glowing electronic circuit board. — Britain still had great potential to create leading tech businesses, said Harry Stebbings, a podcaster-turned-investor who raised a £310m fund this week. Photograph: Dragon Claws/Alamy

Tech entrepreneurs will leave the UK “en masse” if the chancellor announces a significant increase in capital gains tax at this month’s budget, according to a leading industry investor.

Harry Stebbings, a British podcaster turned investor who raised a $400m (£310m) fund this week, said the UK was “a bad place to do business” because of its tax environment.

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