A large tax increase “will do far more damage to our economy” and give a hammer blow to the prosperity of every family, according to James Watt, the founder of the brewery and pub company, who spoke to Sky News.
“People who start businesses also pay corporation tax, PAYE for their team, and national insurance,” he said.
The creation of jobs is desperately needed. Our economy needs investment. We require economic expansion. Therefore, disincentives for that would be extremely anti-business.
The businessman stated that if the tax was raised, he would not leave his home country of Scotland, but he cautioned that other business owners, especially those in the technology industry.
Currently, the maximum capital gains tax rate on the sale of shares and other assets is 20%. The budget for October 30 is anticipated to increase it by a number of percentage points.
However, not everyone agrees with Mr. Watt’s assessment of what would happen if the tax rate were raised.
This week, the Institute for Public Policy Research made the case that increasing the capital gains tax would not have an effect on entrepreneurship or discourage investment.
