Investment scheme made permanent – now let’s make it even more effective
The CIOT has welcomed the announcement that the Seed Enterprise Investment Scheme (SEIS) is to be made permanent. However, more needs to be done to help investors and companies benefit from the scheme, the CIOT has warned.
Andrew Gotch, Chairman of the CIOT’s Owner Managed Business Sub-committee, commented:
“Investors in small, high-risk companies will be encouraged by the Government’s announcement that the SEIS will be made permanent. This can only increase investment in such companies, driving growth in the UK.
“The SEIS was introduced in 2012 to help small, start-up companies raise equity finance. Individuals investing under the scheme enjoy a range of generous tax reliefs similar to those available under the well-known and successful Enterprise Investment Scheme (EIS).
“However, more needs to be done to remove or simplify the many conditions which restrict access to the SEIS. Only then will the SEIS fulfil its potential and encourage significant entrepreneurial activity in the UK.”
Notes to editors:
1. The Chartered Institute of Taxation
The Chartered Institute of Taxation (CIOT) is the leading professional body in the United Kingdom concerned solely with taxation. The CIOT is an educational charity, promoting education and study of the administration and practice of taxation. One of our key aims is to work for a better, more efficient, tax system for all affected by it – taxpayers, their advisers and the authorities. The CIOT’s work covers all aspects of taxation, including direct and indirect taxes and duties. Through our Low Incomes Tax Reform Group (LITRG), the CIOT has a particular focus on improving the tax system, including tax credits and benefits, for the unrepresented taxpayer.
The CIOT draws on our members’ experience in private practice, commerce and industry, government and academia to improve tax administration and propose and explain how tax policy objectives can most effectively be achieved. We also link to, and draw on, similar leading professional tax bodies in other countries. The CIOT’s comments and recommendations on tax issues are made in line with our charitable objectives: we are politically neutral in our work.
The CIOT’s 17,000 members have the practising title of ‘Chartered Tax Adviser’ and the designatory letters ‘CTA’, to represent the leading tax qualification.
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