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Tax-advantaged venture capital schemes – streamlining the advance assurance service – consultation response

On 1 December 2017, HMRC issued their response to the consultation that took place in relation to the advance assurance service for the tax-advantaged venture capital schemes (SEIS, EIS, VCT and SITR). The consultation was announced at Autumn Statement 2016 and closed on 31 January 2017. HMRC published a summary of responses on 20 March 2017 and have now provided their full response following a number of new measures announced in the Autumn Budget 2017.

Venture Capital Schemes: risk-to-capital draft HMRC guidance

4 December 2017

HMRC have today published their draft guidance in relation to new the ‘Risk-to-capital’ condition, which is a ‘gateway test’ to be introduced for SEIS, EIS and VCT investments, as set out in the draft Finance Bill 2017-18 which was published on 1 December 2017.

VCT (Exchange of Shares and Securities) Regulations – consultation ending 2 January 2018

4 December 2017

On 1 December, HMRC published draft amendments to the VCT (Exchange of Shares and Securities) Regulations.  Power to amend the Exchange Regulations was given in the Finance Act enacted in November.

Autumn Budget 2017

22 November 2017

Our note in respect of the venture capital tax relief schemes following today’s Budget can be found here

Second Finance Bill of 2017

8 September 2017

A number of amendments to the venture capital tax relief regimes were originally announced in the 2016 Autumn Statement, and included in the draft 2017 Finance Bill. All of those provisions were dropped from the truncated Finance Act, which was passed prior to the General Election.

Publication of information about tax reliefs that are state aids

14 August 2017

Information about businesses receiving state aid of more than €500,000 on or after 1 July 2016 can be found on a European Union (EU) website under EU transparency rules. The Finance Act 2016 permits the publication of certain information about businesses which are beneficiaries of state aid tax reliefs.

EIS and SEIS Statistics: April 2017

27 April 2017

HM Revenue & Customs has published its quarterly update of Enterprise Investment Scheme and Seed Enterprise Investment Scheme statistics.

Budget 2017

8 March 2017

Our note in respect of the venture capital tax relief schemes following today’s Budget can be found here.

Expert, Impartial Advice

Tax relief schemes are a key part of the UK Government's strategy to help small and growing businesses raise much-needed capital. We advise businesses looking to raise money under these schemes and can deal with HMRC on your behalf.