- The House of Commons Treasury Committee reviewed the UK’s venture capital schemes.
- In response to various recommendations put forward by the Committee, Victoria Atkins MP commented that the only change the government will make at this time is to extend the Enterprise Investment Scheme (EIS) and Venture Capital Trusts (VCTs) beyond their legislated 6 April 2025 sunset date. The government does however continue to keep tax reliefs such as EIS and VCT under review to ensure they remain effective and appropriately targeted.
- At the Autumn Statement 2023, the government announced that it will legislate to extend the operation of the EIS and VCT relief schemes from 6 April 2025 until 6 April 2035. Provisions to this effect are included in the Finance Bill 2023-24.
- Timing: The Finance Act 2024 received Royal Assent on 22 February 2024. The Treasury is now able to lay regulations such that the extension of these schemes will take effect from a day appointed by the Treasury.
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