Sunday, October 14, 2007

BTL Receives Another Boost from NuLab.

Business unites to fight tax sting

NuLab continues to favour BTL. This time it's a reduction in Capital Gains Tax from 40% to 18%, thus having the CGT tax bill for most BTL's. Why ?. Longer term inverstors in industry are not surprisingly unhappy. To quote the leader of the British Chamber of Commerce, “People who buy and sell property will gain at the expense of genuine entrepreneurs".

Posted by baudot @ 12:03 PM (924 views)
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One thought on “BTL Receives Another Boost from NuLab.

  • This government understands absolutely nothing about entrepreneurism. Unfortunately they have not done so for a decade. Our competitiveness has been severely reduced. It wasnt brilliant to start with as the British tend to be more respectful of the professions and similar types. They almost find the real entreprenuer a little distasteful maybe.

    Unfortunately it is these type of people and not the professions who can help the country get of jail here. They have the skills to pay the bills in this type of scenario. Most of them however will be gone. Why bother when you are hindered.

    I have a theory that for those really new , creatively disruptive businesses, the only thing the entrepreneurs need is free legal access. And by that i mean to a top full service partnership to do all legal work.

    This fits philosophically. An entrepreneur in these businesses will be struggling to change the status quo. Naturally and sensibly for society there will be “drag factors” in the forms of institutions and laws that will hold this activity in check.

    However, providing free legal access allows the entrepreneur maximum capability to push against the status quo or against the apparatus which is put in place almost precisely to halt progress (for a reason as mentioned before). This is like setting up a framework, but providing a few weapons for it to be torn down and adjusted by innovators at the fringes. Essential to keeping the main framework competitive over time.

    This would be a better incubation programme than providing money or expensive facilities for a few choice businesses. The entrepreneurs can sort this out for themselves. Infact it is a necessary right of passage to become “tough” enough to succeed.

    The other thing would be to make it a damn sight easier for the original entrepreneurs to make the money without having to go the conventional VC route and to come up with a sensible tax culture for this higher risk activity that the average 9 to 5.

    It is for the benefit of the country after all old boy.

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