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.
Venture Capital Schemes: risk-to-capital draft HMRC guidance
HMRC have today published their draft guidance in relation to new the ‘Risk-to-capital’ condition, which is a ‘gateway test’ to be introduced for SEIS, EIS and VCT investments, as set out in the draft Finance Bill 2017-18 which was published on 1 December 2017.
Publication of information about tax reliefs that are state aids
Information about businesses receiving state aid of more than €500,000 on or after 1 July 2016 can be found on a European Union (EU) website under EU transparency rules. The Finance Act 2016 permits the publication of certain information about businesses which are beneficiaries of state aid tax reliefs.
