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

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. The Guardian reported last week that the chancellor, Rachel Reeves, was considering raising capital gains tax (CGT) to between 33% and 39% in the budget on 30 October. Stebbings said plans to scrap the non-dom tax regime had also sent a negative signal but an increase in CGT – which is levied on the sale of assets such as shares and second homes – would pose the most serious concern to entrepreneurs. "The stance on capital gains tax is by far the biggest [issue]," he told the Guardian.