An impressive line-up of top British business leaders and investors – including Incisive Media founder and CEO Tim Weller (pictured) – has backed Chancellor George Osborne's plans for a Seed Enterprise Investment Scheme.
In a letter published in the Daily Telegraph the 37 signatories said:
"We are some of Britain's leading angel investors and venture capitalists, having funded thousands of British start-ups between us, creating new jobs and economic opportunities across the country.
"At a time of global economic uncertainty, one thing is clear: it's fast-growing start-ups that will deliver most of the new jobs and economic growth that Britain needs.
"We therefore strongly welcome the Chancellor's announcement of a Seed Enterprise Investment Scheme, offering 50 per cent income tax relief on the first £100,000 invested in a new company.
"Investment at a very early stage is the riskiest of all types of funding, and this incentive will encourage more investors to take the plunge and support new British companies.
"We also applaud the Chancellor's decision to offer a one-year capital gains tax (CGT) holiday for seed investments made in 2012-13. This is exactly the shot in the arm that the economy needs in the coming year, helping to boost investment and entrepreneurship in every corner of the country.
"Taken together, we believe that the Seed Enterprise Investment Scheme and the CGT holiday will attract new investment to British start-ups, and help the next generation of brilliant British innovations to become the next generation of great British businesses".
Among those joining Mr Weller in signing the letter were: Charles Dunstone, Founder, Carphone Warehouse; Brent Hoberman Founder, lastminute.com; Mike Lynch Autonomy CEO and founder and Jon Moulton Better Capital LLP.
