There were no changes to the venture capital tax reliefs announced in the Chancellor’s Autumn Statement today. The Chancellor did set out:
“The government is committed to ensuring cutting-edge innovative firms have access to finance to invest and grow. As previously announced, the government is increasing the generosity and availability of the Seed Enterprise Investment Scheme and Company Share Option Plan. The government remains supportive of the Enterprise Investment Scheme and Venture Capital Trusts and sees the value of extending them in the future. The government will also continue to champion institutional investment into innovation so that UK savers can benefit from the growth of high potential businesses.”
The forthcoming increased limits for SEIS were announced in the ‘mini-budget’ on 23 September 2022 and our note here explains the proposed changes.
It is pleasing to see that the Chancellor has re-confirmed the government’s support for the venture capital tax reliefs, and in the short term this is helpful for entrepreneurial businesses raising growth capital. We look forward to seeing how the tax reliefs will be extended.