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In July 2014, the government launched a consultation on the tax-advantaged venture capital schemes. Following this, the government announced at the Summer Budget 2015 that it would introduce a series of changes to place a greater emphasis on supporting innovative firms, whilst continuing to provide targeted support for growing firms, in line with new State aid rules.
This document summarises the main issues raised by respondents under the consultation questions and outlines the government’s response to these. It reiterates the government’s commitment to ensuring that the schemes continue to provide appropriate support for small and growing businesses across the UK, and provides further details on the changes announced at the Summer Budget 2015. The government is grateful to those who participated in this consultation.
The government announced at Budget 2014 that it would run a consultation and evidence gathering exercise to understand the impact of the recent reforms and expansions of the tax-advantaged venture capital schemes. The consultation also considers some possible changes to the schemes, including options to accommodate the use of convertible loans within the schemes, and a more principled approach to the exclusion of very low-risk investment opportunities.