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F(No.2)B 2010–11: venture capital schemes

Stefano Borsi and Colin French review the impact of the provisions on venture capital schemes

Background
 
When the EU gave its stamp of approval (State Aid approval) to the UK’s venture capital schemes in April 2009 there were conditions attached. Approval was not lightly given and several years were spent in ensuring that it was obtained.
 
What are the UK’s venture capital schemes? They comprise the VCT EIS and corporate venturing schemes which are all tax-favoured structures to encourage investment into small enterprises. The VCT and EIS schemes are aimed at individuals who can benefit from various significant tax reliefs provided certain conditions are met.
 
There are very detailed rules around what types of company constitute qualifying investments for the schemes (for example company size nature of the trade nature of the investment and use of the money raised...

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