The chief executive of investment bank Peel Hunt has warned of a looming “cliff edge” for UK small cap stocks if the government scraps inheritance tax relief on Aim-listfaed companies.
Currently, shares held on London’s junior Aim market are generally exempt from inheritance tax. But there are rising concerns in the City that chancellor Rachel Reeves may remove the tax break to help shore up the UK’s public finances at next month’s Budget.
Peel Hunt boss Steven Fine has written to the Financial Conduct Authority to warn that such a move would trigger a sell-off in the market that could wipe up to a third of the market’s value.
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