In a report by the centre-left IPPR thinktank, which carries influence with the Treasury, the millionaire entrepreneurs said they would welcome an increase in the rate levied on capital gains to match the higher rate of income tax. The report showed that capital gains tax (CGT) was not a primary driver of investment decisions, with entrepreneurs more focused on issues including access to financing, market opportunities, and broader economic conditions.
Mark Campbell, the millionaire co-founder of Higgidy pies, said higher rates of CGT would not scare away real investors in Britain. Entrepreneurs don’t think about [it] when they create businesses. [It] would not have stopped us investing in Higgidy. The UK needs a fairer tax system to invest in its future, and those of us who've benefited the most should contribute more so that we have a healthy society and economy for future entrepreneurs to operate within.
Graham Hobson, the millionaire co-founder of Photobox, a photo printing website, said: The idea that raising capital gains tax would discourage entrepreneurship is simply a myth. Entrepreneurs are driven by passion, problem-solving, and creating value – not by low taxes.
Julia Davies, a millionaire investor who has backed companies including Osprey outdoor equipment, stated: As an entrepreneur and investor, I've never let tax rates dictate my decisions to fund innovation or pursue opportunities.
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