Treasury rejects Woodford-backed Patient Capital ISA idea

Would lack 'sufficient impact'

The Treasury has dismissed the idea of launching a Patient Capital ISA, an initiative backed by manager Neil Woodford.

Speaking earlier this year, Woodford (pictured), who runs the  £859m Patient Capital investment trust, said 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 by HM Treasur...