Venture Capital Trusts – HMRC Statistics at 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
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.
HMRC revise Venture Capital Schemes guidance for advance assurance service
HMRC are publishing revised advance assurance guidance for the Venture Capital Schemes. The guidance will be contained in VCM60000+ and introduces a Checklist which must be completed and submitted alongside any advance assurance requests to the Venture Capital Reliefs Team.
EIS, SEIS and SITR Statistics: May 2018
HM Revenue & Customs have published the latest Enterprise Investment Scheme (EIS), Seed Enterprise Investment Scheme (SEIS) and Social Investment Tax Relief (SITR) statistics for the 2016-17 tax year.
Finance (No.2) Bill 2017-19 – Royal Assent
Royal Assent of the Finance (No.2) Bill 2017-19 was given on 15th March 2018.
Finance (No.2) Bill 2017-19 – further update on progress
An update was published on Parliament’s website on 9th March advising that the House of Lord’s second reading of the Finance (No.2) Bill 2017-19 – the general debate on all aspects of the Bill – and all remaining stages took place on 8 March. However, Royal Assent (the final stage of a Bill’s passage through Parliament when the Bill becomes an Act) is now not expected until 15 March.
Finance (No.2) Bill 2017-19 – update on progress
The second reading by the House of Lords (and remaining stages) of the Finance (No.2) Bill 2017-19 is scheduled for 8 March 2018. Royal Assent is expected on that day, or shortly thereafter.
Tax-advantaged venture capital schemes – streamlining the advance assurance service – consultation response
On 1 December 2017, HMRC issued their response to the consultation that took place in relation to the advance assurance service for the tax-advantaged venture capital schemes (SEIS, EIS, VCT and SITR). The consultation was announced at Autumn Statement 2016 and closed on 31 January 2017. HMRC published a summary of responses on 20 March 2017 and have now provided their full response following a number of new measures announced in the Autumn Budget 2017.
