The Labour government has announced an increase in capital gains tax (CGT) rates, raising the lower rate to 18% and the higher rate to 24%, while maintaining the £1 million lifetime limit under business asset disposal relief. This has sparked concerns among tech founders about a potential "brain drain," with a survey indicating that 89% of respondents would consider relocating their businesses abroad. Despite the tax hikes, some entrepreneurs feel the government has addressed their main concerns, particularly regarding research and development investment.
Accel, a venture capital firm managing approximately $30 billion, has registered with the SEC as Accel Management Co. This move allows the firm to purchase more shares of non-public companies in the thriving secondary market, while also subjecting it to increased regulatory scrutiny and compliance requirements.
Captain Fresh has selected Axis Capital and BofA as lead bankers for its planned $400 million IPO in 2025, with a valuation target of $1.3-1.5 billion. The offering will consist of approximately 50% fresh shares and 50% an offer for sale. The company, founded in 2019, plans to add 1-2 more banks to its syndicate in the coming weeks.
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