Delivering his first Budget speech, new chancellor John Healey was keen to stress support for businesses, and importance of supporting entrepreneurs, start-ups and scale-ups, telling MPs he wanted to ‘encourage company owners to set up more businesses rather than taking money out of the country’.

Healey said: ‘We want the best entrepreneurs to start, scale and stay in Britain.

‘That’s why we’re backing businesses at every stage of growth, including with a new founders’ relief to encourage founders to scale here and reinvest in the next British success story.’

The new founder’s relief will be a tax break offering a 10% capital gains tax (CGT) rate up to £10m of lifetime gains, coming in from 6 April 2027.