Finance (No.2) Bill 2017-19 – Royal Assent
Royal Assent of the Finance (No.2) Bill 2017-19 was given on 15th March 2018.
Finance (No.2) Bill 2017-19 – further update on progress
An update was published on Parliament’s website on 9th March advising that the House of Lord’s second reading of the Finance (No.2) Bill 2017-19 – the general debate on all aspects of the Bill – and all remaining stages took place on 8 March. However, Royal Assent (the final stage of a Bill’s passage through Parliament when the Bill becomes an Act) is now not expected until 15 March.
Finance (No.2) Bill 2017-19 – update on progress
The second reading by the House of Lords (and remaining stages) of the Finance (No.2) Bill 2017-19 is scheduled for 8 March 2018. Royal Assent is expected on that day, or shortly thereafter.
EIS Association Awards – Best EIS/SEIS Tax Adviser 2017
Philip Hare & Associates were proud to again receive the award for ‘Best EIS/SEIS Tax Adviser’ last night at the EIS Association’s prestigious Chairman’s Reception and Awards held at the House of Lords. It is the third year running that the firm has won the award since the firm was founded in 2014.
VCT (Exchange of Shares and Securities) Regulations update
On 30 January 2018, the amended VCT (Exchange of Shares and Securities) Regulations were laid before Parliament, and they come into force for transactions on or after 22 February 2018. Our note summarising the Regulations is here.
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
HMRC have today published their draft guidance in relation to new the ‘Risk-to-capital’ condition, which is a ‘gateway test’ to be introduced for SEIS, EIS and VCT investments, as set out in the draft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
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.
