UK and International Tax news
EIS and VCT Schemes Extended By 10 Years To 2035
Friday 13th September 2024
Shares issued before 6 April 2035 will now qualify for relief under the EIS and the VCT scheme, subject to certain conditions.
For a claim for tax relief to be valid, one of the conditions requires the shares in the company or the VCT to be issued before a date specified in the legislation, being the ‘sunset date’ That date has now been extended by ten years from 6 April 2025 to 6 April 2035.
The EIS and VCT legislation contained in ITA 2007 include sunset clauses which limit income tax relief to shares issued before 6 April 2025. Legislation was included in the Finance Act 2024 to replace the existing dates with the new end dates, subject to the issue of the appropriate statutory instrument.
The extension to 6 April 2035 has now been given effect by SI2024/897, The Finance Act 2024 s.11 (Extension of Enterprise Investment Scheme Relief and Venture Capital Trusts Relief) (Appointed Day) Regulations 2024.
For further information on EIS and VCT tax reliefs, please contact Keith Rushen on 0207 486 2378.
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