By Paul Watts-Barnes Recent coverage has reignited the “will higher Capital Gains Tax (CGT) stop people selling?” debate — including commentary on HMRC figures showing CGT receipts falling (reported as down 8.4% to around £13.6bn in 2025) as investors delay disposals. At No.20 Berkeley Square, our view is simple: tax matters — but it shouldn’t be the tail that wags the dog. Great businesses still change hands for the same reasons they always have: strategy, succession, market

If you’re a UK founder, a management team, or a private equity house looking at 2026 with cautious optimism, you’re not alone. The early signals coming out of the investment banking market point to a meaningful shift: confidence is rising, financing is more available, and the long-delayed exit pipeline is starting to move again. In plain English? More deals are likely to get done — and more exits are likely to happen. The ingredients for a stronger exit market are lining up