BVCA gives mixed report to the budget

John Mackie, chief executive of the British Venture Capital Association (BVCA), has given a mixed reception to the budget delivered by Chancellor Gordon Brown this month. Mackie praised the Chancellor for recognising the importance of entrepreneurship to the UK economy with the improvements to research and development tax credits. However, he said the BVCA was disappointed that there were no simplifications to the Capital Gains Tax regime, or measures to improve the attractiveness of Venture Capital Trusts.

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