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OTS Capital Gains Tax Review

The Office of Tax Simplification (OTS) issued its second report on simplifying practical, technical and administrative issues with the Capital Gains Tax (CGT) system. The scope of the report considers a range of key CGT issues and includes comments on the interaction with CGT reliefs under the SEIS and EIS and how the schemes function administratively.

Business Secretary launches consultation for new UK subsidies system

3 February 2021

Business Secretary, Kwasi Kwarteng, has today published a ministerial statement and launched an 8 week consultation on a proposed new subsidy control system following the UK’s departure from the EU.

Finance Bill 2020 – Royal Assent

Royal Assent of the Finance Bill 2020 was given on 22 July 2020.

The Future Fund: EIS and SEIS relief – Finance Bill 2020

30 June 2020

The Government has tabled a further series of amendments to the Finance Bill 2020 ahead of its report stage this week.

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.

The Finance Act 2018 (Commencement) Regulations 2018

9 August 2018

Further to The European Commission approving the Autumn Budget 2017 changes to the EIS and VCT schemes  Commencement regulations for the Finance Act 2018 changes to EIS, SEIS, and VCTs have now been made. An announcement should be available on HMRC’s website shortly.

European Commission approval of changes to the EIS and VCT schemes

We have been informed that The European Commission has now approved the Autumn Budget 2017 changes to the EIS and VCT schemes without objection. The press release is here.

VCT (Exchange of Shares and Securities) Regulations update

2 February 2018

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.

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.