First annual report in on the business angel market. Provides an independent analysis and commentary on business angel investment activity in 2008 to 2009 in the visible market and an estimate of the overall scale of angel investment activity. Also includes a study by HM Revenue and Customs of the demographic characteristics of investors claiming tax reliefs under the Enterprise investment scheme, Venture Capital Trusts and community investment tax relief through self-assessment. Commissioned by BIS on behalf of a consortium comprising HM Treasury, HM Revenue and Customs, British Business Angels Association, British Venture Capital Association, LINC Scotland and Association of Chartered Certified Accountants. See also next report URN 11/P116.