A guide to venture capital scheme changes
Changes to tax breaks designed to promote investment in small and growing firms will deter investors from taking advantage, according to the Chartered Institute of Taxation (CIOT).
The professional body warned that new legislation creates greater complexity and denies relief to existing financiers that want to increase their investments.
G Finn & others (TC4347)
HMRC have published guidance to explain the changes to enterprise investment scheme (EIS) procedures announced in the Budget.
The new measures affect the processing of advance assurance requests and forms EIS1 compliance statements in respect of investments made on or after 6 April 2015. The Revenue will no longer process such requests in respect of companies that:
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A Finn, G Finn, R Morris and A Cornish (TC3555)
CRC v Stolkin, Upper Tribunal (Tax and Chancery Chamber)
HMRC have published a note to clarify the interaction of the enterprise investment scheme (EIS) and co-productions in film and television and, in particular, the eligibility of co-productions to access the EIS.
Each party in a co-production controls a part of the project and raises the necessary finance, with the majority producer responsible for collating the parts into a finished film or programme.
All parties, who usually share income in the same ratio as their input, jointly own intellectual property.
A client made payments into a seed enterprise investment scheme and an enterprise investment scheme in 2012/13 and 2013/14. No certificates were received in time for submission of the 2012/13 tax return