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PAUL HOWARD and PAULA TALLON consider the changes to the new seed enterprise investment scheme
KEY POINTS
- Relief for gains reinvested in SEIS shares.
- Expenditure capped.
- Conditions for relief.
- Some complex provisions have been withdrawn.
- Capital gains tax exemption available for one year only.
We covered the income tax relief for the seed enterprise investment scheme (SEIS) in our article Sowing the seeds.
Since then draft legislation has been published introducing a capital gains tax exemption i.e. capital gains tax reinvestment relief for individuals who realise a capital gain in 2012/13 which is invested through the SEIS in the same year.
Also in his Budget statement the Chancellor of the Exchequer announced a number of changes to the original income tax provisions.
These had been published as part of the consultation on draft legislation for the Finance Bill 2012...
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