Treasury rejects Woodford-backed Patient Capital ISA idea

Woodford (pictured), who runs the  £829.5m Patient Capital investment trust, had said earlier this year there was evidence to suggest many mass-affluent investors would invest in early-stage businesses over the long term if they had the appropriate incentives to do so. At the time, a spokesperson for Woodford Investment Management said the creation of a new tax wrapper could offer structural tax incentives that would encourage the flow of private savings towards institutional investors, and then on to young businesses that need it. However, today's consultation paper from HM Treasury,...