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Finance (No. 2) Bill published

By Philip Hare
23 March 2023

Further to the Spring Budget 2023, the Finance (No. 2) Bill has today been published in draft.

As expected, it sets out the increased SEIS limits which were first promised in the 2022 Autumn Statement, and again set out in the Chancellor’s 2023 Spring Budget. For further details please see here.

Please note, that whilst it is expected that these increases will be enacted and effective for share issues on or after 6 April 2023, HMRC will not be able to provide advance assurance or approve SEIS1 submissions for the increased limits until the Finance Bill is substantially enacted and receives Royal Assent. This usually takes place in July.

In his 2022 Autumn Statement, the Chancellor confirmed the intention for EIS and VCT tax relief to continue beyond 2025 (when the current EIS/VCT Sunset Clause expires). There was no mention of this in the Finance (No. 2) Bill and so we wait details of how the EIS and VCT regimes will be extended.

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