The £10m rush to avoid a tax raid
- On December 9, 2020
- By GrowthInvest Marketing
Fears that capital gains tax limits will be cut have forced wealthy investors to rethink
Wealthy savers who fear that Rishi Sunak will soon raise taxes are pouring millions of pounds into risky tax-efficient investments to shelter their money.
Investors have put nearly £10 million into funds that support start-ups and small businesses in the two weeks since November 11, the day a government-commissioned report into a rise in capital gains tax (CGT) was released. This was 56 per cent higher than the amount invested in such funds in the previous two weeks.
This money was invested in Venture Capital Trusts (VCTs) and the Enterprise Investment Scheme (EIS), which come with tax advantages as well as an increased risk that you will lose your money when small companies and start-ups go bust.
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