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Type: Journal Articles Authors: Philip Shirley ISSN: Print: 0143-5671 Online: 1475-5890
Published in: Fiscal Studies, Vol. 15, No. 2, May 1994
Volume, issue, pages: Vol. 15, No. 2, pp. 98-104
The Conservative Government has been keen to stimulate investment in small businesses. In his November 1993 Budget, the Chancellor announced that the Business Expansion Scheme (BES), due to expire at the end of 1993, was to be replaced by the Enterprise Investment Scheme (EIS) and that a Consultative Document on venture capital trusts (VCTs) would be published. This Consultative Document was published in March 1994 and outlined a PEP-like system for venture capital. An individual could put a sum of probably £100,000 each year into a segregated fund which would purchase shares in VCTs. The income and gains arising in the fund would be exempt from tax. A VCT would be a quoted investment trust investing in small unquoted companies. Eligibility of investee companies would be similar to BES/EIS relief and a maximum investment of £1 million in any one company would be allowed, of which at least 50 per cent would take the form of equity capital. Search |
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