Empirical Ventures co-founder Ben Miles argues that higher tax on investment gains could weaken long-term backing for British science startups and push some toward early foreign sales.
Investor and physicist Ben Miles has urged the UK government to protect long-term science investment from any capital gains tax increase in the October Budget. In an opinion piece, the Empirical Ventures co-founder argues that deep-tech companies need patient investors because returns may take a decade or more.
Miles cites Royal Academy of Engineering data indicating that UK investors join 57% of deep-tech funding rounds at seed stage, but fewer than 10% at later stages. He argues that taxing successful exits more heavily could discourage founders, early employees and private investors from reinvesting in British companies. In his view, some businesses could seek US funding or sell to foreign buyers earlier. These are forecasts in the opinion piece, not measured effects of a tax change.
As an example, Miles points to Manchester-based Nuclear Turbines, which he says he backs. He describes the company as developing an advanced reactor that would avoid conventional steam infrastructure and says it aims eventually to supply industrial sites directly. The article presents the technology’s prospects and its potential contribution to regional reindustrialisation as the author’s assessment.
Miles also invokes his experience at Ziylo, a Bristol University spinout later acquired by Novo Nordisk. He argues that returns from successful exits can fund the next generation of startups, and says policy should preserve incentives for that cycle. At the time of writing, the October Budget had not announced a final decision on capital gains tax.