The following Tax practice note provides comprehensive and up to date legal information covering:
The Enterprise Investment Scheme (EIS) is designed to encourage investment in smaller, higher-risk trading companies by offering a range of tax reliefs to individual investors purchasing newly issued shares in those companies.
The EIS regime is prescriptive and sets out numerous requirements that must be met, including in relation to:
the individual investors (see Practice Note: EIS—conditions for relief: individual investor conditions)
the issued shares (see Practice Note: EIS—conditions for relief: issued shares, the funds raised and the arrangements in general), and
the issuing company (see Practice Notes: EIS—conditions for relief: issuing company and EIS—conditions for relief: qualifying trades)
While the rest of the Practice Notes in this subtopic assume that the individual investor subscribes for shares directly in an EIS-qualifying company, it is also possible for investors to qualify for EIS relief by subscribing via an EIS fund (provided all the conditions for EIS relief are otherwise met).
Many EIS fund structures rely on the specific rule explained below permitting EIS shares to be held by a nominee or bare trustee on behalf of the individual investors. Funds invested by several investors are pooled and a nominee subscribes for shares in a range of EIS-qualifying companies selected by the fund manager. The fund manager effectively retains control over the investment portfolio for the period of the fund's life and is typically given the power
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Competency—general ruleThe most common way for evidence to be adduced is through the testimony of a witness. A witness is said to be competent if they can, as a matter of law, be called by a party to give evidence. All people are deemed competent to give evidence, whatever their age, at every stage
Intimidation of witnesses and jurorsIntimidation of witnesses and/or jurors is an offence under section 51 of the Criminal Justice and Public Order Act 1994 (CJPOA 1994). An offence is committed where a defendant:•does an act which intimidates, and is intended to intimidate, another person (the
This Practice Note considers claims for damages for breach of statutory duty. For guidance on claims for damages for a negligent breach of duty of care outside a statutory duty, see Practice Notes:•Negligence—when does a duty of care arise?•Negligence—when is the duty of care breached?Breach of
What is 'discontinuance'?Discontinuance is the means by which a claimant can bring all or part of the proceedings it has instigated to an end.A claimant has a right to discontinue all or part of a claim at any time.Where proceedings are brought to an end without an order or judgment from a court, eg
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