Osborne announces new EIS scheme, VCT £1m limit removed

From April 2012, the scheme will give investors in start-up businesses 50 per cent income tax relief on investments of up to £100,000.

"We are extending this scheme specifically to help new start-up businesses get the seed investment they need," Mr Osborne said.

The plan, called Start Up Britain, will waive any tax on capital gains for one year and extend a holiday on business rates for small firms until April 2013.

The £1m investment limit on venture capital trusts (VCTs will be lifted to "alleviate the administrative burden" on businesses seeking funding.

VCTs can now invest an unlimited amount in small businesses, rather than being limited to a maximum £1m in a single company per tax year.

Ian Sayers, director general of the Association of Investment Companies (AIC, said: "The chancellor's decision to remove the £1m investment limit demonstrates his commitment to reducing red tape in the VCT sector.

"Making this change will significantly enhance the capacity of the sector to support entrepreneurial businesses. The impact of this change should not be underestimated – it could transform the VCT sector."

Mr Osborne added that the corporate tax rate would fall to 25 per cent from 26 per cent next April.

John Walker, national chairman of the Federation of Small Businesses, said: "Small businesses are struggling to access finance and so the enterprise investment scheme will open up new sources of finance for new and growing businesses. We hope that the banks will pass on the lower interest rates to small businesses and that more finance will be available.

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