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The FSA is cracking down on Venture Capital Trusts and Systems at the investment firm that are traded principally on the tax incentives offered and not highlighting the risks involved.
In an update of financial promotions, the regulator said that the increase in tax relief and the broader reform of the VCT and EIS sector is likely to result in increased demand for the products.
Changes in Budget 2011 EIS was treated more favorably with the chancellor George Osborne increase the level of tax relief on income from 20 percent to 30 percent from April 2011.
Since April 2012, the Government double the annual investment limit EIS for people to £ 1m. Limits will also increase the company's score of 50 to 250 employees and gross assets of £ 7 million to £ 15 million for both VCT and EIS. The Government will also raise the annual investment limit for companies benefiting from 400 percent to 10 million pounds for both vehicles.
The FSA said that both vehicles should promote the tax benefits of a balanced and that the company should take responsibility for what it seems. It is said that the drawbacks to promotion to highlight.
He says: "We have taken note of EIS / VCT investments are often highly promoted preferential tax status. When this is the case, the promotion must include an important reference to the tax treatment depends on the individual circumstances of each client and may be subject to change in the future. "
"In addition, the availability of tax relief depends on the companies have invested in the maintenance of their classification status. Please consult the website of HM Revenue Customs for further guidance on tax relief in the EIS / VCT investments. "
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