Following George Osborne's autumn budget statement last month, which outlined reforms to the Enterprise Investment Scheme (EIS and venture capital trusts (VCTs, the government has published a consultation on the schemes supporting reforms to the investment mechanisms.
Among the changes, the consultation supported Mr Osborne's aim to increase the number of companies which would be able to receive VCT investment.
The report supports VCT funding to companies with fewer than 250 employees, up from the current limit of 50; to companies with maximum assets of £15m, up from £7m; and capping the amount an individual company can receive at £10m, up from £2m.
The government also intends to remove the £1m limit for an individual VCT to invest in a particular company and increase the EIS investment limit for individuals to £1m each year.
Ian Sayers, director general of the Association of Investment Companies (AIC, said: "Our enthusiasm for the positive measures set out today is tempered by proposals which may restrict VCT investment in buy-outs.
"These deals are invaluable in revitalising the commercial prospects of an SME when existing owners find themselves unwilling or unable to develop a business. In these situations a VCT works with a new or existing management team to deploy new ideas, skills and enthusiasm to achieve the commercial potential of a company. This is a natural and important part of the cycle of business development and can make a significant contribution to achieving the UK's economic potential.
"We will be concerned if undue restrictions are placed on VCTs but it looks like this is an area where the UK authorities are constrained by EU rules. In any event our priority will be to establish what is driving these proposals and to understand what flexibility the UK has in addressing this issue. Once we fully understand the government's intention our aim will be to ensure that any restrictions introduced are strictly limited to EU requirements. We are hopeful that the government will show goodwill on this matter as it does not intend for the buy-out changes to be applied to existing VCTs."
The consultation also outlined rules for the new Seed Enterprise Investment Scheme (SEIS, which limits seed investment to companies two years old or younger with fewer than 25 employees and assets of less than £200,000 at the point of investment.
SEIS regulations will limit investments to an annual limit of £150,000 with income tax relief of 50 per cent and a waiver on capital gains tax if SEIS shares have been held for more than three years.
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