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Issue:
4506
/
Categories:
Comment & Analysis
, Admin
, Budget/Finance Act
, Investments
, Venture capital
A guide to venture capital scheme changes
KEY POINTS
- March 2015 Budget changes to the income tax treatment of venture capital schemes are awaiting state aid approval.
- Restrictions on the ability of established companies to issue EIS shares.
- The SEIS requirement of 70% of funds raised to be spent before an EIS issue can take place was removed from April.
- HMRC change of practice in processing advance assurance applications.
The March Budget included proposed changes to bring the venture capital schemes – enterprise investment schemes (EIS) venture capital trusts (VCTs) seed enterprise investment schemes (SEIS) and social investment tax relief – into line with EU regulations and ensure they continue to receive state aid approval.
Relevant EU regulations
State aid is prohibited by the Treaty on the Functioning of the EU because it can distort competition and affect...
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