Government called on to protect UK tech industry

FULL tax relief should be offered to business angels and high net worth individuals who already pay the 50p tax rate to encourage them to reinvest money in technology start-ups, a team of lawyers has urged.

A group of partners at leading media and technology law firm Reed Smith has called for more governmental initiatives in this week’s Budget to promote investment in technology and media and enhance the sectors’ contribution to the UK’s economy.

David Cameron talks a lot about the Silicon Roundabout and the tech sector’s success stories, but this talk needs to be backed up with meaningful economic development initiatives and tax incentives to encourage growth,” said Reed Smith partner Gregor Pryor.

The team called for an extension of the UK tax credit to high-end television production.