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What assessment she has made of the potential impact of the withdrawal of previously granted Enterprise Investment Scheme relief on investor confidence.
What assessment she has made of the potential impact of the withdrawal of previously granted Enterprise Investment Scheme relief on investor confidence.
This Government is focused on making the UK the best place to start and scale a business. That’s why at Budget 2025 we announced the doubling of investment limits and gross asset thresholds for the Enterprise Investment Scheme (EIS) and Venture Capital Trust Schemes and expanded eligibility for the Enterprise Management Incentive Scheme.
In respect of EIS, HMRC applies the legislation to the facts of each case, including after and investment is made.
To ask the Chancellor of the Exchequer, what assessment she has made of the potential impact of tax relief claimed under the Enterprise Investment Scheme being withdrawn several years after the investment was made on investor confidence.
To ask the Chancellor of the Exchequer, what assessment she has made of the potential impact of tax relief claimed under the Enterprise Investment Scheme being withdrawn several years after the investment was made on investor confidence.
The Enterprise Investment Scheme provides tax relief where the statutory conditions of that scheme are met. HM Revenue and Customs applies the legislation to the facts of each case, including after an investment has been made.
It is for investors to consider the risks associated with their investment, including a company’s ongoing compliance with the requirements of the scheme.
HMRC publishes guidance and offers an advance assurance service to help companies and investors understand the rules before investing.
To ask the Chancellor of the Exchequer, whether she plans to expand the (a) Enterprise Investment Scheme and (b) Seed Enterprise Investment Scheme scheme to support older companies seeking increased investment.
To ask the Chancellor of the Exchequer, whether she plans to expand the (a) Enterprise Investment Scheme and (b) Seed Enterprise Investment Scheme scheme to support older companies seeking increased investment.
The Government is focused on making the UK the best place in the world to start and grow a business, and understands the key role of a competitive investment environment in achieving economic growth.
At Autumn Budget 2024, the Government committed to creating a positive environment for entrepreneurship and business investment. We are working with leading entrepreneurs and venture capital firms on how policy supports that, including the role of the Enterprise Investment Scheme and Seed Enterprise Investment Scheme.
To ask the Chancellor of the Exchequer, what assessment her Department has made of the potential merits of reforming the (a) Enterprise Investment Scheme and (b) Seed Enterprise Investment Scheme to improve support for firms in the post-start-up phase.
To ask the Chancellor of the Exchequer, what assessment her Department has made of the potential merits of reforming the (a) Enterprise Investment Scheme and (b) Seed Enterprise Investment Scheme to improve support for firms in the post-start-up phase.
The Government is focused on making the UK the best place in the world to start and grow a business, and understands the key role of a competitive investment environment in achieving economic growth.
At Autumn Budget 2024, the Government committed to creating a positive environment for entrepreneurship and business investment. We are working with leading entrepreneurs and venture capital firms on how policy supports that, including the role of the Enterprise Investment Scheme and Seed Enterprise Investment Scheme.
This briefing outlines sources of financial and non-financial support for small businesses.
This briefing outlines sources of financial and non-financial support for small businesses.
To ask the Chancellor of the Exchequer, what assessment she has made of the potential merits of extending eligibility for the Enterprise Investment Scheme tax relief to people investing in community assets that are leased and operated by community groups but owned by commercial landlords.
To ask the Chancellor of the Exchequer, what assessment she has made of the potential merits of extending eligibility for the Enterprise Investment Scheme tax relief to people investing in community assets that are leased and operated by community groups but owned by commercial landlords.
The venture capital schemes, including the Enterprise Investment Scheme (EIS), are intended to incentivise investment into early-stage, higher-risk companies that are seeking to make profit, and to grow and develop their businesses. To ensure that the schemes are targeted at higher risk companies which face the greatest difficulties in accessing finance, and to provide value for money to UK taxpayers, certain lower-risk activities are excluded, including the leasing of land.
The Government supports community investment in other ways. For example, the Community Investment Tax Relief (CITR) stimulates private investment in disadvantaged communities. It provides a tax incentive to individuals and companies that invest in accredited Community Development Financial Institutions (CDFIs), which in turn invest in enterprises located in or serving those communities. In 2022/23, CITR accredited CDFIs raised over £11m of investment and made 355 loans worth over £20m to enterprises located in disadvantaged communities.
To ask the Chancellor of the Exchequer, how many businesses in South Holland and the Deepings constituency applied to use the Enterprise Investment Scheme in each of the last ten years.
To ask the Chancellor of the Exchequer, how many businesses in South Holland and the Deepings constituency applied to use the Enterprise Investment Scheme in each of the last ten years.
The information cannot be provided as it could lead to a breach of taxpayer’s confidentiality.
To ask the Chancellor of the Exchequer, what proportion of Enterprise Investment Scheme funding was provided to companies in Lincolnshire in each of the last ten years.
To ask the Chancellor of the Exchequer, what proportion of Enterprise Investment Scheme funding was provided to companies in Lincolnshire in each of the last ten years.
% of EIS Investment |
2017/18 | 2018/19 | 2019/20 | 2020/21 | 2021/22 | 2022/23 |
0.1% | 0.2% | 0.2% | 0.2% | 0.1% | 0.2% |
It is not possible to provide this information for the last 10 years as administrative data is not available.
To ask the Chancellor of the Exchequer, how many companies that received funding through the Enterprise Investment Scheme in the each of the last five financial years were in their first year of trading.
To ask the Chancellor of the Exchequer, how many companies that received funding through the Enterprise Investment Scheme in the each of the last five financial years were in their first year of trading.
The Enterprise Investment Scheme (EIS) offers tax reliefs for investors investing into companies below a certain age. This ensures it is targeted towards the most early-stage, high-risk companies, who face the greatest struggle securing the investment they need to grow and develop. The initial investment into a company must occur within 7 years of the company’s first commercial sale, or within 10 years for knowledge intensive companies (KICs).
HMRC does not publish statistics on the age or length of trading time for companies receiving investment through the Enterprise Investment Scheme (EIS).
To ask the Chancellor of the Exchequer, what proportion of Enterprise Investment Scheme funding was provided to companies based in Milton Keynes and Buckinghamshire in each of the last five financial years.
To ask the Chancellor of the Exchequer, what proportion of Enterprise Investment Scheme funding was provided to companies based in Milton Keynes and Buckinghamshire in each of the last five financial years.
HMRC publish national statistics for the Enterprise Investment Scheme (EIS) every year. HMRC’s most recent published statistics are for the 2022 to 2023 tax year.
HMRC publish statistics outlining regional investment, but this is not broken down further. Information about EIS funding in the South East can be found in these statistics publications. [1]
To ask the Chancellor of the Exchequer, whether HMRC case workers dealing with (a) Seed Enterprise Investment Scheme and (b) Enterprise Investment Scheme applications are incentivised to help companies.
To ask the Chancellor of the Exchequer, whether HMRC case workers dealing with (a) Seed Enterprise Investment Scheme and (b) Enterprise Investment Scheme applications are incentivised to help companies.
The Seed Enterprise Investment Scheme and Enterprise Investment Scheme are administered by a dedicated team in HMRC.
This team ensures the generous reliefs available under these schemes are claimed by those who are eligible, balancing compliance efforts with ensuring legitimate companies can access them to facilitate their growth.
An advance assurance service is provided by HMRC to support companies seeking investment under the schemes. HMRC provide their view whether the company meets the qualifying requirements of the schemes before seeking investment. This helps provide both the company and potential investors certainty over the tax treatment of the proposed investment.
To ask the Chancellor of the Exchequer, if her Department will take steps to ensure that HMRC case workers dealing with (a) Seed Enterprise Investment Scheme and (b) Enterprise Investment Scheme applications process them in a (i) timely and (ii) effective manner.
To ask the Chancellor of the Exchequer, if her Department will take steps to ensure that HMRC case workers dealing with (a) Seed Enterprise Investment Scheme and (b) Enterprise Investment Scheme applications process them in a (i) timely and (ii) effective manner.
The Seed Enterprise Investment Scheme and Enterprise Investment Scheme are administered by a dedicated specialist team in HMRC.
This team works to HMRC's overall customer service targets, aiming to reply to 80% of EIS compliance statements and advance assurance applications within 15 working days and 95% within 40 working days. They are currently exceeding this target.
The majority of applications receive approval without the need for further action. A small minority of applications may take longer to process where there has been insufficient information provided to reach a decision or where the company fails to meet the qualifying requirements of the schemes.
Companies authorised by HMRC raised £2,114 million investment in 22/23 under these 2 schemes.
To ask His Majesty's Government whether they plan to undertake an audit of the usefulness and results of the Enterprise Investment Scheme and the Venture Capital Trust scheme with regard to (1) their value for public money, sustained investment, employment and innovation, and (2) recommendations about the continuation and development...
To ask His Majesty's Government whether they plan to undertake an audit of the usefulness and results of the Enterprise Investment Scheme and the Venture Capital Trust scheme with regard to (1) their value for public money, sustained investment, employment and innovation, and (2) recommendations about the continuation and development...
An evaluation of the venture capital schemes was undertaken in 2022. These were published on gov.uk 1.
The Government is committed to ensuring early-stage, innovative companies have access to the investment they need to grow and develop. These schemes provide a range of tax reliefs to encourage investment in higher-risk, early-stage companies which face the biggest challenges in accessing growth capital.
The Government legislated on 3 September to extend the UK venture capital tax relief sunset clause, from April 2025 to April 2035.
To ask the Chancellor of the Exchequer, if her Department will make an assessment of the adequacy of support provided to (a) high growth start-ups and (b) entrepreneurs by the (i) Enterprise Investment Scheme, (ii) Seed Enterprise Investment Scheme and (ii) Venture Capital Trust.
To ask the Chancellor of the Exchequer, if her Department will make an assessment of the adequacy of support provided to (a) high growth start-ups and (b) entrepreneurs by the (i) Enterprise Investment Scheme, (ii) Seed Enterprise Investment Scheme and (ii) Venture Capital Trust.
The Enterprise Investment Scheme, Seed Enterprise Investment Scheme and Venture Capital Trust Scheme were all recently evaluated, with reports published in November 2023. These are available on gov.uk.
To ask the Chancellor of the Exchequer, if she will review the implementation of the Enterprise Investment Scheme; and if she will meet the hon. Member for Great Yarmouth to discuss that scheme.
To ask the Chancellor of the Exchequer, if she will review the implementation of the Enterprise Investment Scheme; and if she will meet the hon. Member for Great Yarmouth to discuss that scheme.
The Enterprise Investment Scheme was recently evaluated, with reports published in November 2023. These are available on gov.uk.
On 3 September 2024 the Treasury made The Finance Act 2024, Section 11 (Extension of Enterprise Investment Scheme Relief and Venture Capital Trusts Relief) (Appointed Day) Regulations 2024 (SI 2024/897) .These regulations bring into effect the extension of the Enterprise Investment Scheme (EIS) and the Venture Capital Trust (VCT) Scheme...
On 3 September 2024 the Treasury made The Finance Act 2024, Section 11 (Extension of Enterprise Investment Scheme Relief and Venture Capital Trusts Relief) (Appointed Day) Regulations 2024 (SI 2024/897) .These regulations bring into effect the extension of the Enterprise Investment Scheme (EIS) and the Venture Capital Trust (VCT) Scheme...
My honourable friend the Exchequer Secretary to the Treasury (James Murray) has today made the following Written Ministerial Statement.
On 3 September 2024 the Treasury made The Finance Act 2024, Section 11 (Extension of Enterprise Investment Scheme Relief and Venture Capital Trusts Relief) (Appointed Day) Regulations 2024 (SI 2024/897) .These regulations...
My honourable friend the Exchequer Secretary to the Treasury (James Murray) has today made the following Written Ministerial Statement.
On 3 September 2024 the Treasury made The Finance Act 2024, Section 11 (Extension of Enterprise Investment Scheme Relief and Venture Capital Trusts Relief) (Appointed Day) Regulations 2024 (SI 2024/897) .These regulations...