Updated HMRC guidance on the financial health requirement
HMRC have updated their guidance in relation to the financial health requirement for SEIS, EIS and VCT purposes and the link to the update guidance is below: –
Finance (No. 2) Bill 2023 – Royal Assent
Finance (No. 2) Bill 2023 received royal assent on 11 July 2023. The Bill includes the proposed increases to seed enterprise investment scheme limits explained in our news article of 23 March 2023.
EIS and SEIS Statistics: May 2023
HM Revenue & Customs have published the latest Enterprise Investment Scheme (EIS) and Seed Enterprise Investment Scheme (SEIS) statistics for period up to the 2021-22 tax year.
The Labour Party “Start-up, Scale-up” review.
The Labour Party has today published its “Start-up, Scale-up” review, a copy of which can be found here. The report was released after a call for evidence earlier this year on what support UK start-ups need in order to better succeed. The report comes out strongly in favour of SEIS, EIS and VCTs and has identified several areas where the tax reliefs could be improved to better assist companies. The report’s recommendations include:
Change of procedure for Venture Capital Schemes Advance Assurance applications
On 27th October, HMRC implemented new procedures for receiving advance assurance applications under the Enterprise Investment Scheme (EIS), Seed Enterprise Investment Scheme (SEIS) or from a Venture Capital Trust (VCT).
EIS, SEIS and SITR Statistics: May 2022
HM Revenue & Customs have published the latest Enterprise Investment Scheme (EIS), Seed Enterprise Investment Scheme (SEIS) and Social Investment Tax Relief (SITR) statistics for period up to the 2020-21 tax year.
EIS, SEIS and SITR Statistics: May 2021
HM Revenue & Customs have published the latest Enterprise Investment Scheme (EIS), Seed Enterprise Investment Scheme (SEIS) and Social Investment Tax Relief (SITR) statistics for period up to the 2019-20 tax year.
HMRC publishes Cryptoassets Manual
On 30th March, HMRC published a Cryptoassets Manual, stating that the aim of the manual is to help people understand the tax implications that can arise from transactions involving cryptoassets. It is written for HMRC staff but may also assist taxpayers and their professional advisers in understanding HMRC’s interpretation of the law.
