From CNBC: 2024-10-30 11:31:33

The Labour government in Britain plans to raise the capital gains tax on share sales, with lower rates going up from 10% to 18% and higher rates climbing from 20% to 24%. The tax hikes are expected to bring in £2.5 billion, but entrepreneurs fear a potential “brain drain.”

Startups and investors in the tech sector are concerned that the tax changes could push them to move abroad, with 89% considering relocation due to higher capital gains tax rates. While the government is focusing on revenue generation, entrepreneurs are urging a return to growth-oriented policies to foster innovation and attract talent.

Despite fears of a tech “brain drain” due to potential tax changes, the British government is moving forward with higher capital gains tax rates. Entrepreneurs are considering moving abroad, but they hope for a balance between tax increases and maintaining support for innovation and growth in the U.K. 1. The FDA has approved a new drug for the treatment of Alzheimer’s disease, the first of its kind in nearly two decades. The drug, Aduhelm, has shown promising results in slowing the progression of the disease in clinical trials.

2. The G7 leaders have pledged to donate one billion Covid-19 vaccine doses to low-income countries, as part of efforts to combat the global pandemic. The UK will donate 100 million doses, with the US contributing 500 million doses.

3. In a landmark ruling, the Supreme Court has upheld the Affordable Care Act, preserving healthcare coverage for millions of Americans. The decision marks the third time the ACA has been challenged in court and ultimately upheld by the highest court in the land.

Read more: UK’s Labour hikes capital gains tax by less than feared