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Entrepreneurs back our campaign on CGT hike

TWO of Britain’s most recognisable entrepreneurs have thrown their weight behind City A.M.’s campaign against plans to hike capital gains tax (CGT).

Julie Meyer, the founder of First Tuesday, chief executive of Ariadne Capital and City A.M. columnist, added her name to the growing list of supporters, as did Shaf Rasul, the founder of E-net and Dubai property developer.

Together, the pair star in the BBC’S Online Dragons’ Den, a spin-off of the original TV show that is aired online and on TV.

“There is a great danger that if the government raises CGT to 40 per cent, entrepreneurs who are the value creators in our society and the driving force behind new businesses will be seriously discouraged,” said Meyer.

Meanwhile, David Cameron appears to be readying a long list of concessions on CGT to win round Tory backbenchers, many of whom are aghast at the plans.

Mark Field, MP for the Cities of London and Westminster, said the “mood music” had changed and that he expected some kind of taper relief to be introduced to protect long-term investors.