22 July 2020
Royal Assent of the Finance Bill 2020 was given on 22 July 2020.
Further to our news articles dated 19 March 2020 and 30 June 2020 the, now, Finance Act 2020:
- Sets out the framework for the new EIS approved fund for investment in “knowledge intensive” companies, as announced in the Autumn Budget 2017 and as part of the government’s response to the Patient Capital Review; and
- Contains provisions which seek to help preserve Enterprise Investment Scheme (EIS) and Seed Enterprise Investment Scheme (SEIS) income tax relief in cases where an individual, who previously invested in a company under the EIS, subsequently provides funding to that company by way of a convertible loan agreement under the Future Fund. However, as we set out on 30 June, the clause falls short of addressing other concerns.
