24 January 2008

Please find below a response from Jamie Matheson, Executive Chairman of Brewin Dolphin, the largest independent private client investment manager in the UK, to the Chancellor’s statement to the House of Commons earlier today regarding CGT and Business Asset Taper Relief. Also attached is a letter from Mr. Matheson to the Chancellor sent last week.

Jamie Matheson, Executive Chairman, Brewin Dolphin said:

“I am glad the Chancellor has at last clarified the CGT position. However, nothing in this statement addresses the timing concerns of small investors, which we have been putting forward to the Treasury for months and we are disappointed. The substantial reform of the tax system will be introduced in only 10 weeks leaving us precious little time to calculate all our 100,000 clients’ individual positions and advise them how best to act.

“The reprieve for entrepreneurs with their own businesses, who own more than 5% of their companies - is, of course, welcome. However, our particular concern about the AIM has also not been alleviated: the retrospective taxation on all those investors encouraged to take the extra risk to support small and fledgling companies, including those on the AIM, are still faced with the decision whether to sell before 5th April 2008 or face an 80% tax increase. Private investors qualifying for Business Asset Taper Relief but with less than a 5% shareholding, will still hold sufficient shares to cause a significant impact and put extra downward pressure on the small cap illiquid end of the market, adding to its current woes.

“Business Asset Taper Relief was a real incentive for savers and enterprise and the best thing introduced by Gordon Brown and now it has been completely dismantled – such a pity.”

For further information, please contact

Charlotte Black
Brewin Dolphin
0845213 3331

or

George Cazenove
Citigate Dewe Rogerson
020 7282 2870.

Download a copy of the Chairman's response to Chancellor’s CGT Statement in Adobe Acrobat Portable Document File Format (Size 104KB)

Notes to Editors:

Brewin Dolphin Limited (“BD”) is the principal operating company of Brewin Dolphin Holdings PLC which is listed on the London Stock Exchange. BD is authorised and regulated by the Financial Services Authority and is a member of the London Stock Exchange.

BD is the largest independent private client investment manager in the UK. The Group manages £21.6 billion of funds for over 120,000 clients, and of this £10.7 billion is on a discretionary basis. BD has 39 offices and is corporate adviser to 131 corporate and 100 institutional clients. Brewin Dolphin Investment Banking was voted AIM Broker of the Year 2007. ¹

The Group provides complete investment management for private investors, charities and pension funds and trades as:

Brewin Dolphin in England, Wales and the Channel Islands
Bell Lawrie in Scotland and Northern Ireland
Hill Osborne in the East Midlands
Wise Speke in the North of England
Stocktrade is the BD Execution-Only division. www.stocktrade.co.uk

Please see Media Centre section on www.brewindolphin.co.ukfor details and photos of all commentators and analysts throughout the BD Group.

1. Brewin Dolphin Investment Banking was voted Broker of the Year 2007 at the Investors Chronicle AIM Investment Awards, in association with the FT