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This analysis is part of the Lexis®PSL Tax team’s summary of the Autumn Budget 2017. Some of the links require a LexisPSL subscription. If you are not a subscriber, you can take a free trial here.
Venture capital schemes—risk to capital condition
Following the consultation Financing growth in innovative firms (to which a response document has been published today), the government has announced its intention to include a new condition for relief in the Enterprise Investment Scheme (EIS), Seed Enterprise Investment Scheme (SEIS) and Venture Capital Trust (VCT) regimes to ensure that the relief is better targeted at growth investments and to exclude ‘capital preservation arrangements’.
Taking a different approach to the past (where it has excluded particular types of low-risk investment such as energy generation), this measure takes a ‘principled approach’ requiring all relevant factors to be taken into account in determining whether, on a ‘reasonable view’:
A non-exhaustive list of factors to be taken into account will be provided in the legislation. The response to consultation suggests it will include:
while making it plain that the presence of any given factor does not necessarily cause a failure of the condition. The document also indicates that the use of special purpose vehicles or outsourcing of staff where they are common in the industry
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