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News & Insights

COVID-19 support loan schemes, the Venture Capital Schemes and EU State aid limits

13 May 2020

We have sought HMRC’s confirmation on the impact of the various support schemes that have been announced by the Government following the COVID-19 outbreak, on the annual and lifetime EU State aid investment allowances for the Venture Capital Schemes (VCTs, EIS and SEIS).

Tolley’s Taxation Awards 2020 – Philip Hare & Associates named as finalist

7 April 2020

We are delighted to announce that Philip Hare & Associates LLP have been announced as a finalist in the ‘Best Independent Tax Consultancy Firm’ category at the Tolley’s Taxation Awards 2020.

Finance Bill 2020

The first draft of the Finance Bill 2020 was published today, on 19 March 2020. As anticipated, it contains amendments to the legislation dealing with EIS approved funds as well as setting 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.

Budget 2020

11 March 2020

Our note in respect of the venture capital tax reliefs (and other reliefs and measures for SMEs and entrepreneurs) following today’s Budget can be found here

SEIS, Employment Allowance and de minimis State aid

5 March 2020

The rules for Employment Allowance are changing from 6 April 2020.

HMRC new guidance on advance subscription agreements

6 January 2020

On 30th December 2019, HMRC added new guidance to the Venture Capital Reliefs Manuals in relation to Advance Subscription Agreements (“ASAs”) in relation to the SEIS and the EIS.

Venture Capital Trusts – HMRC Statistics at December 2019

16 December 2019

HMRC have published their latest statistics about the number and amount of funds raised by Venture Capital Trusts, along with the number of investors and amounts invested.

HMRC revise guidance and state that a failure to disclose the involvement of an intermediary will invalidate any assurance given

6 December 2019

HMRC have been updating their Venture Capital Relief Manual over the course of the Autumn/Winter and we spotted a revision yesterday at VCM60130 that states “Failure to disclose the involvement of an intermediary will invalidate any assurance given”. ‘Intermediary’ isn’t a defined term, but when reading the paragraphs above an intermediary would seem to include a fund manager or other business promoter or crowdfunding platform, rather than a legal advisor.

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.