Sunday 13 June 2010 10:54 pm

Business support continues to flood in for CGT campaign

MORE business leaders have added their voices to the growing body of support behind City A.M.’s campaign against the government’s proposed hikes to capital gains tax (CGT). Ed Wray, the entrepreneur who co-founded Betfair, has backed the campaign, claiming that the planned increases to CGT are likely to be “self-defeating”, discouraging enterprise and investment in the UK. “We must encourage entrepreneurs to shoot for the stars, but by capping the relief they get from higher CGT rates we are restricting them to shooting for the top of the trees at best,” Wray told City A.M. “We are never going to build the next generation of world-leading businesses in that environment.” David Scott, who headed up the wealth management and stockbroking divisions of UBS in London before founding independent wealth manager Vestra Wealth in 2008, also pledged the support of his firm. “The government should ensure they focus on encouraging growth,” he said. “We believe the proposed CGT changes, especially for entrepreneurs, will damage growth prospects.”