Ocado CEO Tim Steiner has warned the Chancellor that hiking capital gains tax will lead to entrepreneurs selling their businesses or fleeing the country. “If you start a business and there’s a 20% capital gains tax regime, if capital gains tax moves to 45%, you’ve got to make an extra 45% increase in the value before you’re going to end up with the same amount of money,” he said at an event organised by the Centre for Policy Studies, a centre-right thinktank. He continued: “We need to encourage people to come to the UK, we need to encourage people to stay in the UK and we need to encourage people to grow big businesses in the UK.”
Read more: The Times
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