NCM noted that though the 2021 Budget set out by the Chancellor last Wednesday was headline grabbing and quite rightly focussed on business and the overall the UK recovery from the pandemic, it was in fact fairly quiet in the context of the asset management industry.
What is therefore a possibly more important date for the UK private equity industry is the 23 March (‘tax day’) when the UK government publishes a wide range of tax consultations and calls for evidence. This is where we may start to see the government’s thinking on the direction of capital gains tax, the impact on carry vehicles and other tax options which may or may not include a wealth tax.
NCM will continue to monitor the potential tax changes and through the BVCA will feed into the consultation when appropriate.