Sky News, The Pledge: Tim Stovold on entrepreneurs’ relief
Following Tim Stovold’s coverage in The Sunday Times (2 Feb 2020) on the proposed changes to ER relief, he was invited to contribute further to the discussion on Sky News. In The Pledge, aired on 6 Feb 2020, Tim fights the corner of the entrepreneur, making the case that it is only fair that these vital risk takers can look forward to adequate reward when they sell their business.
In Tim’s words: “This country needs its risk takers. It needs people to be aspirational – to innovate. We need people to think creatively, to build the future-facing businesses this country needs – to provide good jobs for our young people and to deliver a secure tax base. For these things to happen the support of the tax system is of fundamental importance. It has been claimed that ER exists to make the rich staggeringly rich. But the much-derided lifetime allowance of £10 million is giving entrepreneurs something to shoot for, something to dream about during the long lean years… In reality, though, the average claim is closer to half a million.”
View the clip here.