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Start up businesses have been crying out for help with funding and it appears that the Government may be listening. As well as continued help with business rates and the introduction of the National Loan Guarantee System the Government has today announced the new Seed Enterprise Investment Scheme (SEIS).
The idea of a specific tax incentive to help start up businesses was announced by the Chancellor in the Budget back in March. The Government has consulted on the idea over the summer and it is now proposing that the SEIS will:
- provide 50% income tax relief for individuals who invest in shares in qualifying companies;
- have an annual investment limit for individuals of £100,000;
- have a cumulative investment limit for companies of £150,000; and
- provide a capital gains tax exemption on gains realised on disposal of an asset in 2012-13 and invested through SEIS in the same year.
It is anticipated that the SEIS will start from 6 April 2012.
No more details have been released at the moment, but we are expecting draft legislation to be released next Tuesday.
If you are interested in finding out more about the SEIS please call Ruth Dooley on
01452 634800 or email her at ruth.dooley@hazlewoods.co.uk
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