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To: Chancellor of the Exchequer
Increase Enterprise Investment Scheme tax relief to at least 50%
Innovative UK start-up companies are already facing acute financial hardship and need urgent access to additional investment capital to survive. The Enterprise Investment Scheme (EIS) provides an attractive and simple incentive for angel investors to support start-ups but the tax relief available is only 30%. This needs increasing urgently to at least 50% to help persuade high net worth individuals who may be sitting on large amounts of cash to invest now in the thousands of UK start-ups that will be vital to help drive our future economy and pull it out of this pandemic-driven recession.
Why is this important?
As almost never before UK start-ups are under acute threat and not just as a result of the Coronavirus pandemic. Urgent help is required to support them. The proposed government Future Fund is unattractive to most start-ups and something simpler is required. Increasing the EIS tax relief could be done very easily and extremely rapidly - in days and not weeks.
