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Industry Update | March 2024
THE TAX-ADVANTAGED LANDSCAPE: EIS & VCTs
Celebrating 30 years of EIS
Getting to grips with Knowledge-Intensive (KI) EIS investments
If you invested in VCTs in 2021, why not now?
EISA
Mercia Asset Management
AIC
Praetura Investments
The interview room
When EIS loss relief steps in
Signs of a strong VCT manager in turbulent markets
All fund managers
Investing in the downturn: how the latest turn in technology enabled business valuations could create opportunities for investors
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Thought Leadership
Seneca Partners
Symvan Capital
Why aren’t more financial advisers recommending SEIS?
VCTs' evolving investor profile: the increasing appeal for younger audiences
Puma
EIS & VCTs: Help your clients achieve their long-term investment goals
Octopus Investments
Triple Point
Why the Triple Point Venture VCT?
Three essential questions to ask before recommending an EIS provider to your client
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- Van Hoang, Investment manager, Blackfinch Investments
The clearer market environment post-Brexit, as well as a tighter grip on the pandemic, creates an outlook conducive to increased listings on AIM.
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role, Intelligent Partnership
Smaller stakes have little choice
Unfortunately, individual retail investors are unlikely to hold a large enough stake to change the outcome of these votes. But, on the other hand, in the vast majority of takeovers seen in the first half of 2021, there was a substantial bid premium where the share price increased during the offer period. The highest was an eye-watering 79%, although more commonly, it was in the lower, but still very pleasing 20% - 50% range.
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his year marks the 30th anniversary of the Enterprise Investment Scheme (EIS) and it is a fitting moment to reflect on its profound impact on the entrepreneurial landscape of the United Kingdom. The EIS was introduced in 1994 by the UK government to encourage investment in small and medium-sized enterprises by providing tax incentives to investors. Through the scheme, investors can receive tax relief on their investments in eligible companies, making it an attractive option for individuals looking to support early-stage businesses. The importance of the EIS cannot be overstated. Over the past three decades, this scheme, along with its sister scheme, the Seed Enterprise Investment Scheme (SEIS), has facilitated an impressive £30 billion of investment into 53,000 companies. These figures underscore not only the scale of investment but also the tangible support provided to tens of thousands of ambitious entrepreneurs.
By Christiana Stewart-Lockhart, Director General, EISA
eisa.org.uk christiana@eisa.org.uk
Director General, EISA
christiana stewart-lockhart
One of the key aspects of the EIS is its ability to provide much-needed capital to startups, particularly in their early stages of development. Access to funding is essential for entrepreneurs to turn their innovative ideas into viable businesses, and the EIS has been instrumental in bridging this gap by facilitating investment from private individuals. Central to the EIS's success is its role in fostering innovation. By encouraging investment in high-risk, high-reward ventures, the scheme has helped to fuel a culture of entrepreneurship and creativity. This vital injection of capital has enabled many businesses to develop groundbreaking technologies, pioneer new industries, and drive economic growth. Moreover, the EIS goes beyond just financial assistance; it often is accompanied by valuable mentorship, networking, and expertise that can be transformative for fledgling businesses. One notable aspect of the EIS is its cross-party support. Since its creation, successive governments from across the political spectrum have recognised the scheme's value and continued to champion its cause. The current Government extended the limits for the SEIS last year and announced a 10 year extension to the EIS in the most recent Autumn Statement. Labour have also been vocal about the importance of the EIS including in their 2022 Start up, Scale up review in which Shadow Chancellor, Rt Hon Rachel Reeves MP, specifically mentioned the importance of “building on our pre-existing system of tax reliefs for entrepreneurs and investors – Seed Enterprise Investment Scheme, the Enterprise Investment Scheme and R&D tax credits – to widen access and ensure those tax reliefs work to the greatest effect, spurring innovation and entrepreneurship.” This support underscores the EIS as a vital tool for economic growth and prosperity. The success of the EIS in supporting entrepreneurship and innovation can be seen in the numerous stories of exciting, fast growth companies that have benefited from the scheme. From tech startups disrupting traditional industries to biotech firms developing life-saving treatments, the EIS has been a catalyst for innovation across a wide range of sectors. By providing funding to startups and SMEs, the scheme has helped to create thousands of jobs and drive economic activity in local communities.
Transforming the UK's early-stage venture landscape
This world leading, internationally recognised, government scheme has also helped to democratise investment, empowering individuals to become stakeholders in the successes of emerging businesses. While more than 45,000 people invest through the EIS annually, much of the population remains unaware of its existence. This 30th anniversary serves as an important opportunity to raise this awareness and celebrate the transformative impact of the EIS. It's essential to harness this momentum to expand knowledge of the scheme and EISA will be marking this anniversary with an important event in the Autumn, alongside a number of other events and programmes to ensure that more entrepreneurs and investors across the UK are aware of the opportunities that the EIS can offer.
Celebrating 30 years of EIS If you invested in VCT in 2021, why not now? EIS and VCTs: Help your clients achieve their long-term investment goals Investing in the downturn Three essential questions to ask before recommending an EIS provider to your client Getting to grips with Knowledge-Intensive (KI) EIS investments Signs of a strong VCT manager in turbulent markets Why aren’t more financial advisers recommending SEIS? Why the Triple Point Venture VCT? The interview room When EIS loss relief steps in VCTs’ evolving investor profile: the increasing appeal for younger audiences Growth Investor Awards 2024 About Intelligent Partnership
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t’s always rash to forecast VCT fundraising, as the end-of-tax-year rush can change the picture quite quickly. However, a consensus has developed that the current 2023/24 tax year is unlikely to equal the bumper fundraisings of the previous two: £1.08 billion for 2022/23, and £1.13 billion the year before that. If this turns out to be correct, there are a couple of possible reasons. One is the increase in the risk-free interest rate, which tips the scales in favour of keeping more money in savings accounts and forgoing tax relief. (It’s also possible that this factor is causing a tendency to hold on to cash earmarked for VCTs until the last possible moment.) The other obvious culprit is the economic climate. It’s been confirmed that the UK is in a recession, whether it’s “technical” or just one of your common-or-garden recessions. Perhaps that doesn’t feel like the natural time to invest in the minnows of the UK’s corporate world – even if they do have exciting growth prospects. Any cooling in enthusiasm for tax-efficient investing is certainly nothing to do with the tax burden, which remains very high by historical standards. The phenomenon of ‘fiscal creep’ has got more of the UK population paying higher rates of tax as inflation has edged their wages into higher tax brackets.
By Nick Britton, Research Director of the Association of Investment Companies (AIC)
www.theaic.co.uk Nick.Britton@theaic.co.uk
Research Director, Association of Investment Companies (AIC)
nick britton
But does it really make sense to scale back allocations to VCTs in tougher economic times?
To begin with, VCTs are an investment with a minimum time horizon of five years (if you want to retain the tax relief). It’s always better to buy when the mood is a bit gloomy, as it sends valuations lower and improves future returns. We can’t pinpoint the bottom of the market, but the mood is definitely much more downbeat than it was in, say, 2021, when venture investors fretted about toppy valuations. Second, VCTs are under no pressure to exit investments. As evergreen vehicles, they can hold on for better opportunities. Of course, successful exits are needed to continue to pay the tax-free dividends, so if there is a prolonged period of caution from potential buyers, dividend cuts may be needed to protect long-term returns. Finally, while no-one is suggesting VCTs are immune from recessions, the businesses they tend to invest in are often not directly exposed to the UK consumer. Due to VCT rule changes in the mid-2010s, the high street retailers, pubs and gyms that used to dominate VCT portfolios have been largely replaced by businesses that sell to other businesses, developing useful software or technology. (One VCT manager quips that some of the companies he invests in are pre-revenue, so it is literally impossible for them to suffer a fall in sales.) It’s a questionable strategy to plough money into a long-term investment like VCTs when times are good, only to hold back when times are tougher. While the returns of the average VCT in 2022 and 2023 were both negative, that trend is unlikely to persist forever.
It's always better to buy when the mood is a bit gloomy, as it sends valuations lower and improves future returns.
Celebrating 30 years of EIS If you invested in VCT in 2021, why not now? EIS and VCTs: Help your clients achieve their long-term investment goals Investin in the downturn Three essential questions to ask before recommending an EIS provider to your client Getting to grips with Knowledge-Intensive (KI) EIS investments Signs of a strong VCT manager in turbulent markets Why aren’t more financial advisers recommending SEIS? Why the Triple Point Venture VCT? The interview room When EIS loss relief steps in VCTs’ evolving investor profile: the increasing appeal for younger audiences Growth Investor Awards 2024 About Intelligent Partnership
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EIS and VCTs: Help your clients achieve their long-term investment goals
enture capital investing involves backing early-stage businesses with high growth potential. This type of investing was made accessible to retail investors through the introduction of the Enterprise Investment Scheme (EIS) and Venture Capital Trusts (VCTs), which also bring valuable tax reliefs to compensate for some of the risks involved. The tax benefits, combined with the potential for high investment returns, can provide a complementary solution to suitable clients and allow advisers to grow their business beyond the traditional offerings.
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By Octopus Investments
What is EIS and who is it suitable for?
An EIS portfolio managed by a specialist fund manager offers investors direct ownership in the shares of 10-20 early-stage companies targeting high growth over the long term.
This combination of tax reliefs makes for a powerful structure through which to invest in high-risk opportunities with high growth potential.
client example
David, 50, is enjoying a sucessful career and is a high earner
£170,000 year salary + £120,000 bonus
David usually invests part of his bonus in long-term investments, after using his annual pension allowance. This year he's looking for an exciting, high-growth investment opportunity to diversify his portfolio.
Given David’s willingness to take on the risk involved with investing in small businesses, an EIS could be a good fit to help him meet his goals.
David’s investment would allow him to claim 30% income tax relief, which he can offset against his income tax, such as the tax on his bonus. If a company in his portfolio achieves high growth, it’ll be free from capital gains tax.
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Businesses at the early stage of their growth journey have a higher chance of failing. If this happens, David could claim loss relief against income tax or capital gains on a per-company basis at up to 45%.
What about VCTs?
Unlike with EIS, VCTs are companies listed on the London Stock Exchange and investors hold shares in the VCT rather than directly in the underlying companies. The VCT also invests in early-stage businesses, but in an established portfolio of, say, 50-90 startups in different phases of their growth. The typical return profile from a VCT differs from an EIS, often targeting an annual dividend of 5%, although by its nature it remains a high-risk investment. The range of client scenarios where VCTs could be useful is broad, but let’s look at one just to highlight their potential use. VCTs can serve as a useful planning tool for those with additional properties, such as Daniel and Helen, who are clients looking for a tax-efficient solution.
They want to enjoy a tax-efficient income during their retirement, but Helen is concerned about the capital gains tax she will incur if she sells her properties.
The VCT will target a tax-free income and complement other investments in her portfolio. The 30% upfront income tax relief from her VCT investment (£6,000) would also eliminate the annual income tax she has to pay on her rental income.
Daniel and Helen have been married for 30 years, and plan to retire in the next ten. While Daniel is a higher rate taxpayer, Helen chose to invest in property to help fund her retirement.
Helen can make repeat annual VCT investments, as appropriate, to invest tax-efficiently for the future while also managing her tax bill on her rental income.
• Advisers must make sure any recommendation of these products is relevant and suitable for the client in question. • The value of the investments, and any income from them, could fall as well as rise. Investors may not get back the full amount they invest. • Tax treatment depends on individual circumstances and may change in the future. • Tax relief depends on EIS portfolio companies and VCTs maintaining their qualifying status. • VCT and EIS shares are by their nature high risk, their share price may be volatile and they may be hard to sell.
Understanding the risks
Important information Tax-efficient investments are not suitable for everyone. Any recommendation should be based on a holistic review of your client's financial situation, objectives and needs. This communication does not constitute advice on investments, legal matters, taxation, or any other matters. Issued by Octopus Investments Limited, which is authorised and regulated by the Financial Conduct Authority. Registered office: 33 Holborn, London EC1N 2HT. Registered in England and Wales No.03942880. Issued March 2024. CAM013904.
You can use our client planning scenarios to help you deliver good outcomes, and assist you in seeing how tax-efficient investments might be useful for a variety of your clients. You can also watch a series of interviews with financial advisers covering how they use tax-efficient investments.
next steps
Explore the client planning scenarios
After assessing Helen’s situation, her financial adviser recommends investing £20,000 of her annual rental income in a VCT, and the remaining £10,000 in an Individual Savings Account (ISA).
Investing in the downturn: how the latest turn in technology enabled business valuations could create opportunities for investors in the VCT market
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Investing in the downturn:
An interview with Sam McArthur Partner, Praetura Investments
how the latest turn in technology enabled business valuations could create opportunities for investors in the VCT market
The Praetura team assesses over 1,400 new opportunities each year, totalling £2.9bn in value. Our deal flow typically comes from technology enabled businesses in a variety of sectors, but notably we have seen an increase in applications from businesses operating in growth sectors such as FinTech, Software-as-a-Service (“SaaS”), Artificial Intelligence and Gaming. The market has seen a marked compression in valuations over the last 18 months resulting in what we consider to be an exciting entry point for investors.
What scale-up investment opportunities are you seeing in the market right now?
VCTs invest in exciting growth businesses and in recent years, many VCTs have invested more in technology enabled businesses. As mentioned above, we have witnessed a downturn in investee company valuations that could represent an attractive entry point for VCT investors. In some sectors the entry point seems particularly interesting now, for example the index for Software-as-a-Service businesses, published by SaaS Capital, suggests that valuations now are around half the level they were in 2021. We have also seen a concurrent reduction in investment activity into UK technology enabled companies with Sifted reporting the aggregate amount invested during 2023 to be less than half the level of 2021. The reduction in investment activity has contributed to the valuation compression and means active investors have less competition at present – another positive signal for a would be VCT investor.
We hear a lot about the downturn in the market for technology enabled businesses, how do you expect that will impact investors looking for a VCT?
We believe the market downturn has created opportunity and we are seeing exciting investment opportunities where founders’ expectations of valuation have been reduced. Many of these target businesses are at an attractive stage of their development with established products but needing capital to help take their product to the next level or a new market. Once we have invested, we actively support our portfolio companies with our ‘more than money’ programmes to ensure that they have the best chance of delivering a successful exit. Using our Operational Partner network of industry leaders, we are able to work closely with founders and their management teams, offering guidance and advice. Our inhouse team also provide our portfolio companies with resources such as introductions to critical suppliers and service providers. By way of example, we have saved our portfolio companies £7.6m in R&D tax credits since 2019. Our hands-on approach is leading to referrals from founders which in turn is creating opportunities to invest in some exciting new businesses.
How are you approaching this as a fund manager?
Due to the estimated £9.7bn equity funding gap in the North of England, early-stage businesses in the North have to work much harder to attract venture investment. This also means that regional investors are able to be more selective about the businesses they back. As a VCT investor, the opportunity to invest in a VCT with a regional investment focus provides diversification away from the usual hot spots in London and the South-East where many fund managers will back businesses that operate under similar conditions.
How does your regional focus play into this?
There are real benefits of being a new VCT as the recent downturn has created challenges for all investors in early-stage businesses and VCTs have not been immune from those challenges. Several established VCTs have experienced write-downs in their portfolios. Established VCTs are likely to have more companies requiring follow-on funding in order to survive and those funding requirements might be larger than previously forecast. Despite the inherent risks of being a new VCT, the opportunity to build a new portfolio in a difficult market is exciting. We have identified several exciting companies in our existing portfolio for investment from our VCT. Investors should take confidence in the fact that we have been investing in growth companies since 2011, we have the validation from managing institutional mandates and our status as one of the most active investors in the North.
You recently launched your VCT, why should investors consider Praetura?
As a VCT investor, the opportunity to invest in a VCT with a regional investment focus provides diversification away from the usual hot spots in London and the South-East where many fund managers will back businesses that operate under similar conditions.”
hen advising clients on the Enterprise Investment Scheme (EIS), it is crucial to understand the benefits of geographic diversification, the significance of portfolio support, and the quality of client communications from EIS managers, post-investment. We have outlined three questions every adviser should ask their EIS manager before recommending a solution to their client.
By Caroline Flagg, Business Development Manager – Private Markets, Praetura Investments
www.praeturainvestments.com investments@praetura.co.uk
Business Development Manager – Private Markets Praetura Investments
Caroline Flagg
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Spreading investments across regions can mitigate risk and give access to unique opportunities in underserved markets. With a significant concentration of investments in London and the Southeast, the UK's venture capital market lacks balance. According to the British Business Bank's "Regions and Nations Tracker 2021" report, 86% of equity investments went to companies based in London, the Southeast, the East of England, and the Northwest, despite hosting just 55% of smaller businesses, leaving other regions with low levels of investment . Praetura Investments (“Praetura”), focusing its investment activity on the North of England, capitalises on these structural imbalances. By concentrating on areas where valuations are more attractive, and competition is less fierce, Praetura can access and support innovative companies outside the saturated London market.
What geographic diversification will my client get?
Active managers who provide portfolio companies with significant support improve the chances of success for EIS investors. Engagement and operational assistance from EIS managers can accelerate the growth of portfolio companies. Praetura exemplifies this approach by deploying Operational Partners and a dedicated portfolio team to mentor, advise, and provide services to founders and their management teams. Praetura’s team of Operational Partners consists of highly experienced operators who have led prominent household names like AO.com, JD Sports and Dr Martens, to name a few. Our Operational Partner support aims to build bigger, better, and more efficient businesses. Research from the British Private Equity and Venture Capital Association (BVCA) underscores the importance of this support, indicating that companies receiving venture capital achieve faster growth in revenue and employment compared to non-VC-backed companies.
What support does the portfolio get after the investment?
The expectation for ongoing communication from EIS managers to their investors is understandably high. Effective and transparent communication builds trust and ensures investors are well-informed about the progress and performance of their investments. Praetura sets a standard in this domain by committing to industry-leading investor communications, including biannual updates that offer a clear and insightful view of each investors’ portfolio development and the impact of its investment strategy. Pretura uses a bespoke reporting tool that helps monitor its portfolio closely and provides investors greater insight into performance in a timely manner. A report by Intelligent Partnership found that 47% of advisers would only recommend a provider to their clients if they had adequate quality investment literature.
What communications can my client expect?
risk factors
Investing in the Praetura EIS Growth Fund carries risks. Please consult with a financial adviser before investing. Here are the key risks to consider:
Important information This communication is a financial promotion issued by Praetura Investments in accordance with section 21 of the Financial Services and Markets Act 2000 (“FSMA”). This communication has been prepared by Praetura Investments for information purposes only and should not be read as advice, it is intended for the recipient only and should not be forwarded on. Praetura Investments is the trading name of Praetura Ventures Limited which is authorised and regulated by the Financial Conduct Authority, FRN 817345. Registered office address, Bauhaus, Quay Street, Manchester M3 3GY.
References 1. British Business Bank, "Regions and Nations Tracker 2021". https://www.british-business-bank.co.uk/research/regions-and-nations-tracker-2021/ 2. British Private Equity and Venture Capital Association (BVCA), "Economic contribution of UK private equity and venture capital in 2023": https://www.bvca.co.uk/Portals/0/Documents/Research/2023%20Reports/EY-BVCA-Economic-Contribution-of-PE-VC-in-the-UK.pdf 3. Intelligent Partnership, "EIS - INDUSTRY REPORT 2014": https://intelligent-partnership.com/AiR/reports/EIS-Industry-Report-2014/files/assets/common/downloads/publication.pdf
• Past performance is not indicative of future results and share prices can down as well as up. • There is a high risk of losing capital, and you may receive less than your original investment. • Tax reliefs are subject to individual circumstances and may change. • There may not be a liquid market for the shares, making it difficult to sell and access capital. • EIS investments should be considered long-term investments.
Please ensure that you read the full risk factors, available in the relevant product documentation on www.praeturainvestments.co.uk before investing.
By prioritising the selection of EIS managers who can offer geographical diversification, robust portfolio support, and transparent client communications, financial advisers can help their clients achieve optimal investment outcomes.
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s the tax year-end swiftly approaches, discussions about the significance of EIS in client tax planning frequently takes centre stage. Increasingly, advisers are gravitating towards the scheme, enticed by the substantial tax reliefs it offers, along with the opportunity to tap into the UK’s dynamic early-stage investment landscape.
By Dr Paul Mattick, Head of Sales and Investor Relations, Mercia
The Mercia Knowledge-Intensive EIS Fund
mercia.co.uk Paul.Mattick@mercia.co.uk
Head of Sales and Investor Relations, Mercia
dr paul mattick
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The need for speed
The Mercia Knowledge-Intensive EIS Fund is now open for investment and will close on the 5th April 2024. Get in touch with Mercia to find out more.
Introducing the KI EIS
Certain companies that qualify for EIS can also be classified as “Knowledge Intensive Companies” and in March 2020 the government introduced Knowledge-Intensive (KI) Approved EIS funds. For a fund to qualify for this status, it needs to meet specific criteria set out by HMRC and must invest 80% of its portfolio in “knowledge intensive” companies. Specifically, these are businesses that are carrying out R&D (Research & Development), or innovation at the time of the investment.
While unquestionably a primary attraction of KI funds is the access they offer investors to some of the UK’s most pioneering companies in R&D-intensive fields, there are also several additional advantages that present intriguing opportunities for tax planning. One of the distinctive features of KI funds is that investors can claim income tax relief in the tax year the fund closes (or carry it back to the previous tax year) through a single EIS5 certificate. This stands in contrast to conventional, non-approved EIS funds, where an investor would receive individual EIS3 certificates for each investee company they are involved with. Less paperwork, reduced administrative burden, equals happier advisers.
A notable advantage of the Mercia KI fund is its rapid deployment of capital. With a focus on agility and efficiency, KI funds like Mercia's streamline the investment process, ensuring swift deployment of funds. Mercia’s extensive scale and regional reach facilitate a rapid turnaround time of six to nine months, in contrast to the industry average of 18 months. This means that investors who enter before the end of this tax year will obtain their EIS5 certificates by the next tax return deadline, enabling them to claim against the 2022-2023 tax year. Furthermore, the accessibility of KI funds, coupled with Mercia’s low minimum investment threshold of £10,000, presents new advised investors with the opportunity to dip their toes into early-stage ventures.
Diversification is a cornerstone of risk management in early-stage investing and KI funds excel in this regard. By investing in a diversified portfolio of companies across various industries and technologies, these funds can help mitigate the inherent risks associated with startup investments. Diversification not only safeguards investors against individual company failures but also enhances the potential for attractive returns over the fund's holding period.
Diversification and risk management
KI funds leverage the expertise of seasoned professionals to identify and support high-potential startups in knowledge-intensive sectors. These funds typically target companies operating in areas such as software, life sciences and deep/enabling technology, focusing on post-seed and Series A stages. Rigorous deal selection processes – informed by sector analysis and peer review – ensure that investments are directed towards ventures with strong growth potential and innovative capabilities.
Strategic focus and expertise
KI funds offer attractive tax benefits, making them a compelling option for tax-conscious investors. Eligible investors may benefit from income tax reliefs, capital gains tax (CGT) deferral and inheritance tax (IHT) relief, subject to individual circumstances. Moreover, with a focus on long-term growth, KI funds aim to deliver substantial returns over the investment horizon, often targeting a multiple of initial capital, including tax reliefs, within a five-to-seven year timeframe. As the tech landscape continues to evolve, KI funds help drive innovation, growth and opportunity in the world of early-stage investing.
Tax benefits and long-term growth
mercia ki fund
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https://www.mercia.co.uk/get-in-touch
One of the distinctive features of KI funds is that investors can claim income tax relief in the year the fund closes (or carry it back to the previous tax year)
here has been no doubt that 2024 has been a challenging year for the VCT market. Following the record fundraising highs of the 21/22 and 22/23 tax years, deployment into VCTs slowed considerably in the face of economic headwinds, resulting in lengthier deal times and tumbling valuations. According to the AIC, £506 million was invested into VCTs in 2023 which represents a 28% decrease from 2022 figures. This being said, VCTs have seemed to have held up better when compared to the wider venture capital industry which overall saw a 46% decline in investment - according to the Pitchbook European Venture Report. Therefore, in this dynamic and ever-changing landscape of UK venture capital, it’s a testament to an investment manager’s strategic ability to successfully fundraise amidst prevailing economic uncertainties. In this article, we take a look at why VCTs are standing up to the test of turbulence and why Mercia has proven to be the VCT manager of choice for investors.
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The VCT market here in the UK operates at the forefront of innovation, supporting the growth of startups and early-stage companies. Along with the numerous tax-advantages that are available to investors, the underlying investee companies can help fuel economic growth and job creation. This can often give VCTs the edge when it comes to fundraising despite difficult economic conditions.
Why are VCTs proving more resilient?
“The UK has established itself as a hub of venture capital activity, propelling technological advancements and entrepreneurial ventures across a myriad of sectors. VCTs, pivotal in this ecosystem, offer crucial financing and support to businesses that traditional financial institutions might overlook. Despite the economic headwinds and the challenges facing tech startups - a mainstay of venture capital investment - VCTs continue to play an essential role in the UK’s economic innovation and growth. The vitality of the VCT market is a bellwether for the broader investment climate and entrepreneurial spirit within the Country. We were pleased to see that this view was further validated in November last year with the Chancellor committing to extending the VCT scheme to 2035, underscoring the importance of the sector.”
Dr Paul Mattick, Head of Sales and Investor Relations
VCTs represent a vital investment vehicle, not only for the direct financial infusion they provide to high-potential companies but also for the tax incentives offered to investors. Most notably:
The unique appeal of VCT investment
Investors can claim up to 30% income tax relief on VCT investments Earn tax-free dividends Exemption from capital gains tax when VCT shares are sold Ability to sell the VCT after five years
These benefits, aimed at encouraging long-term investment in inherently high-risk areas, underscore the strategic importance of VCTs in channelling capital towards sectors critical for the UK’s future economic prosperity and technological edge.
The current economic landscape has rendered fundraising an increasingly competitive and challenging endeavour for VCTs. Success in this environment demands more than just promising returns; it requires fund managers to demonstrate unwavering resilience, strategic insight, and an intimate understanding of their investment domains. The ability to attract funding under these circumstances speaks volumes about a fund manager’s standing, strategy, and the intrinsic value of their investment focus.
Navigating fundraising in a downturn
As of 13 March 2024, Mercia Ventures celebrated the successful closure of its £60 million VCT; a figure which represents an impressive 50% increase on any other previous raise done by the Northern VCTs. In what has been an otherwise challenging VCT market, with many other providers struggling to fundraise, this has been an incredible feat from the Mercia team, succinctly highlighting the fund’s robust strategy and management competence. Mercia Ventures’ approach - prioritising underexplored regions and sectors within the UK - resonates with investors eager for new opportunities. The firm’s consistent track record of delivering solid returns, even amidst market volatilities, further amplifies its appeal to both seasoned and potential investors.
Mercia Ventures’ closes its £60m VCT fundraise
n the world of venture capital, the Seed Enterprise Investment Scheme (SEIS) often stands as both an intriguing opportunity and a daunting challenge. Some professionals tend to shun SEIS due to perceived risks and complexities, missing out on what could be a valuable addition to their clients' portfolios. In this insightful interview, our very own Guy Tolhurst of Intelligent Partnership sits down with Kealan Doyle of Symvan Capital to unpack the SEIS, what the hesitations surrounding it are and why it deserves more attention from the financial planning community.
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Kealan Doyle CEO and Co-Founder, Symvan Capital
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key takeaways
At its core, SEIS offers significant benefits that can mitigate the inherent risks associated with early-stage investments. One of the primary concerns is the fear of failure and its potential impact on client relationships. However, understanding that failure is part of this asset class is crucial. With SEIS, investors can benefit from a 50% income tax relief and loss relief, providing a level of downside protection that is often overlooked. When factoring in possible Capital Gains Tax (CGT) benefits, investors may be covered for up to 85% of their original investment, significantly reducing the overall risk exposure.
Risk perception vs reality
The upside potential of SEIS investments is another aspect that deserves emphasis. Despite the challenges of identifying successful ventures in their early stages, a professionally managed portfolio approach can help navigate this complexity. This approach not only reduces the time and effort required to pick winners but also leverages the expertise of fund managers who understand the nuances of early-stage investing.
The benefits of a professionally managed portfolio
For financial advisers and wealth managers, offering SEIS as part of their portfolio strategy can create a differentiated value proposition. By exploring differentiated fee models and emphasising the tax reliefs, failure rates, and benefits of a managed portfolio approach, advisers can cater to the needs of both High Net Worth (HNW) and sophisticated clients. This approach not only adds value but also aligns with the growing demand for diversified investment opportunities.
Carving out a high value and differentiated proposition for clients
“You are 100% right. Advisers are generally scared of what they don't understand, or the compliance hoops around EIS and SEIS… For me however, S/EIS is a vital part of the toolkit and if you aren't considering them, it's very hard to provide the best solutions for clients. Particularly those in the entrepreneurial space where the flexibility of the tax reliefs are an adviser's dream.”
Harry Bell, CFP™ Chartered FCSI
what advisers have to say
“For the right client, SEIS is fantastic. There are lots of quality companies out there.”
Anthony Villis, MD, First Wealth
“EIS and VCT are all great opportunities to invest in UK companies. Biggest issue is finding companies that get clients exits, especially within EIS and SEIS.”
Scott Davis, MD, 3D Financial Planning
Join the discussion and have your say: https://www.linkedin.com/feed/update/urn:li:activity:7171763568642617344/
The BR Universe The inheritance tax net is widening and growing your estate planning business is a key opportunity Have smaller companies reached their turning point? Downing - Meet the Manager Inheritance Tax: The Future Under the Bonnet: Focus on AIM The adviser benefit of using client IHT planning scenarios Product in focus: The Zenzic Estate Planning Service About Intelligent Partnership
The point at which you invest in early-stage companies has a significant impact on the potential returns. Although investing later in more mature companies reduces some of the risks associated with venture capital, it also usually means paying a higher price for the shares. This can reduce the potential return investors can expect to receive over the life of their VCT investment. Here’s an example of what we mean. Say you invested in a company at an early stage when it had a valuation of £5 million, and the company was later sold for £50 million. Your shares in that company would have generated a 10x return. However, say you invested in that company at a later stage (when it had already started to generate revenue and expand its customer base), and was therefore valued at £10 million. If you had invested in the same company at this point, then when it was sold for £50 million, your shares would only deliver a 5x return on your investment. At Triple Point, we believe early-stage investing significantly increases the available investment return. So, we don’t look for maturity, we look to unleash growth potential. We back companies at an earlier stage of their growth journey, usually at pre-seed or seed stages, because this is where meaningful returns begin.
s you would expect from a company called Triple Point, our Venture Capital Trust (VCT) is based on three core beliefs which give us a foundation for achieving the best available returns for our investors.
Investing early increases your return potential
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Important information This article is an advertisement for the purposes of the Prospectus Regulation Rules and is not the prospectus. The Triple Point Venture VCT carries all the risks of investment in smaller companies and places investor’s capital at risk. There is no guarantee that target returns will be achieved, and investors may get back less than they invested. Past performance and forecasts are not a reliable indicator of future performance. Tax treatment depends on the individual circumstances of each client and is subject to change. Tax reliefs depend on the VCT maintaining its qualifying status. Investors should only subscribe for shares on the basis of information contained in the Prospectus which is available via the Documents section of the website. This article has been approved by Triple Point Administration LLP, which is authorised and regulated by the Financial Conduct Authority.
Why does the Triple Point Venture VCT focus on investing in B2B companies? Because, quite simply, it’s where the best returns are to be found. B2B is an essential part of the economy, and business-to-business relationships usually involve larger volumes and longer-term relationships compared to B2C (Business-to-Consumer) connections. In 2021, we asked data provider Beauhurst to look at the types of companies that received venture capital, and to find out whether more B2B or B2C companies achieved a successful ‘exit’ – either being sold to an acquiring firm or listed on the London Stock Exchange. The findings were unarguable. It found that over the ten-year period, the number of B2B exits was consistently more than double that of B2C companies. In fact, in 2021 alone, 579 B2B companies successfully exited versus 294 B2C companies. We manage the Triple Point Venture VCT to deliver exciting returns for our shareholders. We believe the best way to do this is through investing in exceptional B2B businesses that acquirers are keen to buy from us, at a profit.
Business-to-business (B2B) companies are more frequently sold at a profit
You might think diversification is just another way of saying “don’t put all your eggs in one basket.” However, the Triple Point Venture VCT offers diversification in three ways: portfolio diversification, sector diversification and diversification by age of portfolio companies. Portfolio diversification: Because many start-ups fail, we spread the risk by investing in a wide portfolio of companies (48 to date), meaning the knock-on impact on investor returns from any single company failure is limited. Sector diversification: We diversify across several business sectors (20 so far). We don’t constrain ourselves to any particular sector or industry, because B2B companies have the ability to transform or improve business models in all sorts of sectors. Company maturity diversification: We add new early-stage companies to the portfolio each year, meaning we always hold a good mix of businesses at different stages of their lifecycle.
Diversification is the key to a well-rounded portfolio
The Triple Point Venture VCT is currently open for investment. Apply via our Adviser Portal.
triple point venture vct
Our three core beliefs help us to find businesses led by founders that are not just innovative but are also actively solving the challenges faced by more established businesses.
When it comes to investing in outstanding young businesses, you have to know where to look and what you’re looking for. The line between start-up success and failure can be painfully thin, so we look for companies that give themselves every chance of success. Our three core beliefs help us to find businesses led by founders that are not just innovative but are also actively solving the challenges faced by more established businesses. We call this our ‘challenge-led approach’, and it leads us towards some outstanding early-stage companies with significant growth potential.
The three ingredients for VCT success
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The Interview Room
Intelligent Partnerships' Guy Tolhurst had a chat with Seneca's Siobhan Pycroft. They covered the benefits of downward market pressure, reacting to change in the market and keeping your northern roots.
The Interview Room:
Sioban Pycroft, Seneca Partners
Intelligent Partnerships's Guy Tolhurst sat down with Ben Leslie, Investment Director at Puma Private Equity to talk about shifting market focus, diverse portfolios and the tech opportunities around the corner.
Ben Leslie, Puma Private Equity
Triple Point VC investor Seb Wallace sat down with Intelligent Partnerships' Guy Tolhurst to discuss what makes a compelling VCT –balancing regular dividends with diversity and different exit strategies.
Seb Wallace, Triple Point
In this interview, Guy Tolhurst chats to Paul Mattick, Head of Sales and Private Investor Relations at Mercia Asset Management, about the acquisition of Northern VCTs and how they've fitted into the wider Mercia Group.
Paul Mattick, Mercia Asset Management
Paul Mattick, Head of Sales and Private Investor Relations at Mercia Asset Management talks to Guy Tolhurst about knowledge-intensive funds, structured EIS deployment and all things Mercia-related.
Explore the benefits of the Enterprise Investment Scheme (EIS) for UK investors and businesses, including potential tax reliefs, loss relief, and inheritance tax exemptions.
Caroline Flagg, Praetura Investments
exploring the tax-advantaged landscape with industry providers
s we all know, investing in young or startup businesses can be a high-risk, high-reward proposition. Figures from Experian show that more than a third of businesses fail within their first two years, increasing to around a half in their first three years - a sobering reality for investors. Founding teams grapple with a vast range of challenges, from market saturation and operational hurdles, through to issues with funding. Unfortunately, for many businesses, managing tight cash runways in those early days often means that the possibility of company failure is only ever just around the corner. Yet, amidst these inevitable failures, there are often standout successes - the portfolio superstars. These are the select few investments that go on to exceed expectations, delivering substantial returns that can offset any losses incurred. It would be wonderful if an investor’s portfolio included only these superstars but, in reality, it won’t. The chances are a portfolio might well include some companies that fail and what matters is the overall return from that portfolio. Still, it’s nice to know that investments that qualify under the Enterprise Investment Scheme (EIS) or the Seed Enterprise Investment Scheme (SEIS) have a cushion in place to impact any potential losses and serve as a safety net for investors. We have put together this brief overview to help investors navigate the technical aspects of utilising EIS loss relief and how loss relief can realistically impact an EIS portfolio.
By Peter Steele, Retail Operations Director, Seneca Partners
www.senecapartners.co.uk Peter.Steele@senecapartners.co.uk
Retail Operations Director, Seneca Partners
peter steele
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Should the value of an EIS investment fail or if the shares are sold for less than the initial investment amount (net of any Income Tax relief received), investors can benefit from loss relief. This provision enables investors to offset any losses incurred against either their capital gains tax (CGT) liability or their Income Tax liability, depending on which option aligns better with their specific financial circumstances.
What is EIS loss relief?
Scenario 1: "Double your money"
In this scenario, each of Mr Baker’s investments doubles in value, each returning £50,000 and making a total of £300,000. When considered against the net cost of £105,000, this makes a return of nearly three times with no liability to pay Capital Gains Tax on the gain made.
portfolio impact
Mr Baker invests £150,000 in an EIS Fund, buying EIS qualifying shares in 6 investee companies (£25,000 in each). Let’s take a look at three hypothetical scenarios of what his returns could look like depending on the underlying investee companies’ performance.
Key takeaway: An investor can receive 30% relief against Income Tax payable in the tax year in which the EIS qualifying shares are purchased or paid in the year before, as long as the amount of Income Tax is at least equal to that 30% relief. So, assuming Mr Baker’s Income Tax bill across those two years is at least £45,000, he can claim relief worth £45,000. This reduces the net cost of his EIS qualifying shares to £105,000.
In this rather extreme scenario, all six of the companies in which Mr Baker has invested fail, producing no return. In each case, he has therefore lost £17,500 (being the £25,000 cost less £7,500 of Income Tax relief) making a total of £105,000. Mr Baker can claim loss relief against either Income Tax or Capital Gains Tax. Loss relief applies at your marginal rate of tax so, quite often, it has a greater effect claiming it against Income Tax rather than Capital Gains Tax.
Scenario 2: "Lose the lot"
If Mr Baker is a basic rate taxpayer, the value of this loss relief would be up to: • £21,000 (being 20% of £105,000) if claimed against Income Tax • £18,900 (being 18% of £105,000) if claimed against Capital Gains Tax (with the gain made on a residential property) If Mr Baker is a higher rate taxpayer, the value of this loss relief would be up to £42,000 (being 40% of £105,000) or £25,200 (being 24% of £105,000) respectively. If Mr Baker is an additional rate taxpayer, the value of this loss relief would be up to £47,250 (being 45% of £105,000) or £25,200 (being 24% of £105,000) respectively.
In this scenario, one of Mr Baker’s investments is a superstar, returning £300,000 (12x what was invested) but the other five fail, producing no return. Whilst he has still doubled his money overall, he has actually made a tax-free gain of £275,000 on one whilst losing £17,500 (being the £25,000 cost less £7,500 of Income Tax relief) on the other five (making a total loss of £87,500 across the five). Mr Baker can claim loss relief for these five, the value of which would be up to £39,375 (being 45% of £87,500) if he is an additional rate taxpayer. Yes, he would be better off overall than he would be under the first scenario but the journey would have been a challenging one, as those businesses that fail tend to do so more quickly than those that do well succeed.
Scenario 3: "Double your money, with a twist"
Key takeaway: In an EIS Fund, each company is treated as a separate investment. Consequently, if any individual holdings in the portfolio fails, it may qualify for loss relief even if the overall portfolio performance is positive. Furthermore, the portfolio may only require one or two companies to perform overall and perhaps deliver a substantial return to investors.
Of course, not all losses will be as black and white. Loss relief can still apply if shares are sold for at least some return. For example, if Mr Baker sold one of his holdings for £12,500, his effective loss would be £5,000 (being the £25,000 cost less the £7,500 Income Tax relief and £12,500 sale proceeds). Hopefully you can see that loss relief is a powerful tool that can be used when things haven’t gone well. It has a greater effect for higher rate and additional rate taxpayers, partly because they will have paid more tax against which a relief can be offset and partly because loss relief applies at their marginal rate of tax.
Track record
You may lose some of your money when investing in early-stage ventures, that’s a given. However, selecting an EIS manager with a proven track record of successful exits means you should stand a much better chance of not only seeing an actual return and perhaps coming out on top, overall. A market leader in the space, Seneca has continued to back successful businesses that deliver profitable exits to investors.
If you’d like to find out more about the Seneca EIS Portfolio Fund or the Seneca AIM EIS Fund, please get in touch:
https://senecapartners.co.uk/contact/
get in touch
Pharmaceuticals & technology
Technology
General enterprise
-2
Media & entertainment / Sport & Leisure
Media & entertainment /
Number of Exits At or Above Par
Number of Investments Made
Of course, you can only claim relief against tax due or paid and in certain periods. There are also certain parts of the UK where different tax rates apply.
SENECA EIS PORTFOLIO
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VCTs’ evolving investor profile: the increasing appeal for younger audiences
time-investments.com questions@time-investments.com
Head Of Equity Funds, Time Investments
Raymond Greaves
ast year we reported on our findings that highlighted how a typical VCT investor profile has evolved and the opportunity this presents to advisers. We noticed a shift in investor location, diversifying away from the South East, as well as seeing a dilution from the predominance of high-net-worth individuals. While we look forward to HMRC releasing its annual VCT data in May, we’re already seeing a new demographic picture emerge. A significant shift in the profile of VCT investors has become increasingly evident, and we are seeing a growing appeal of VCTs to a younger audience. The average age of our VCT investor has changed, from 60.2 years in 2018/19 to 54.7 in 2022/23.
By Puma Investments
L
• Our investor base under age 40 jumped from 3% in 2018/19 to 8% in 2022/23. So far in this tax year we have seen this swell to 19%. • The amount invested by this group has increased by 55% compared to the last tax year.
Forever young
This shift could be partially explained by individuals retiring earlier, such as sports professionals and entrepreneurs, and those who face tapered pension allowances due to receiving substantial bonuses in the industries they work in. In this article, we unpack two potential client scenarios, which will help you spot different opportunities that may be relevant to existing clients.
This trend offers financial advisers a unique opportunity to expand their client base by catering to this demographic. The recent Consumer Duty regulations have underlined the importance of advisers to recommend suitable solutions tailored to the evolving objectives of their clients. Despite an increase in the pension annual allowance to £60,000, high earners continue to grapple with contribution limitations, due to tapering applied to those earning more than £260,000 per annum. This will mean their annual allowance is gradually reduced by £1 for every £2 of 'adjusted income' above £260,000. Those earning beyond £360,000 face significant limitations on their annual pension contribution which could see this reduced to as low as £10,000. The days of investing north of £250,000 into pensions each tax year are behind us. Those such as sports professionals, who amass substantial earnings in their 20s and 30s, often contemplate retiring from their main profession in their 40s. Similarly, individuals in other industries receiving hefty annual bonuses confront similar pension challenges. Early retirees face the additional hurdle of limited access to their pension pots, often unable to touch the majority of their funds until they reach 55, potentially leaving them without income during their 40s. From 6 April 2028, this will increase to age 57, unless you have a Protected Pension Age or you’re retiring due to ill health.
The opportunity for advisers
VCTs are a compelling alternative for those seeking to supplement their retirement pots when pensions are no longer a viable option. Like pension contributions, investments into VCTs do offer income tax relief. However, they also offer additional tax reliefs including tax-free dividends, offering a valuable supplement for investors looking to enhance their income during retirement. One distinctive advantage of VCTs lies in their flexibility. While pensions have stringent contribution limits, VCTs boast a much more generous cap. Up to 30% income tax relief can be achieved on investments of £200,000, or less, per tax year, irrespective of an individual’s earnings. That said, there is no upper limit on the amount invested overall, should the investor require further exposure to the growth potential offered. Additionally, dividends paid out from VCTs remain free of income tax, adding further allure for those exploring avenues to bolster their retirement income. Beyond tax benefits, VCTs also serve as effective diversifiers from traditional large-cap portfolios. This diversification not only has the potential to mitigate risks, but also introduces opportunities for potentially significant returns, aligning with the financial goals of this younger, more adventurous investor base.
An alternative solution
VCTs are a compelling alternative for those seeking to supplement their retirement pots when pensions are no longer a viable option.
Goals
Scenario 1: High-earning professional
Emma is a high-earning executive earning £300,000 annually, including substantial bonuses. She is in her late 30s, and is concerned about the limitations on pension contributions and the lack of flexibility in accessing her pension funds before the age of 57. Emma is looking for alternative tax-efficient investment options to supplement her retirement savings.
Emma could allocate a portion of her investment portfolio to VCTs, which can provide her with immediate tax savings and potential long-term growth. Emma could invest in a diversified portfolio of VCTs to spread risk across different sectors and companies. This can help mitigate any risk associated with investing in early-stage businesses – while maximising potential returns. Unlike pension income, dividends received from VCTs are tax-free, providing Emma with a steady income stream without increasing her tax liability. This can be particularly beneficial during early retirement, when she may need access to additional income.
Strategies
Maximise tax-efficient investment opportunities Diversify investment beyond traditional pension options Generate income and capital growth while minimising tax liability
Scenario 2: New-generation investor exploring alternative tax planning avenues
Explore alternative tax-efficient avenues to prepare for retirement Seek a yield on investment Support entrepreneurship and the SME market by backing early-stage, growth businesses
Given that Alex is comfortably on track with other areas of his tax planning, he could explore VCTs to augment the more mainstream products that he is already using. VCTs offer attractive tax benefits, including income tax relief on investments and tax-free dividends, making them an ideal option for tax-efficient wealth accumulation. Alex could also look at VCTs that target early-stage companies with high growth potential in sectors that he would not normally have access to. While these investments carry higher risks, they also offer diversification and the potential for substantial returns, which can help him achieve his long-term financial goals. By investing in VCTs, Alex is supporting entrepreneurship and backing the next generation of British businesses.
Meet Alex, a successful director in his mid-40s. He has climbed the corporate ladder for the last 20 years in an industry that has taught him the value of being financially savvy and secure. Alex has been very diligent when it comes to funding his pensions, and has maxed out his ISA allowance. He is now looking to further diversify his investment portfolio and explore opportunities that offer growth potential.
For investment professionals only An investment in VCT’s involves a high degree of risk. Investors’ capital may be at risk. There is a possibility you may lose all of your capital invested. Past performance is no guarantee of future returns. The payment of dividends is not guaranteed. Tax reliefs are not guaranteed, depend on individuals’ personal circumstances and require holding the investment for a minimum of five years. Tax reliefs may also be subject to change. It is highly unlikely there will be a liquid market in the ordinary shares of a VCT, and it may prove difficult for investors to realise their investment immediately, in full or at all Puma Investments is a trading name of Puma Investment Management Limited (FCA No 590919), which is authorised and regulated by the Financial Conduct Authority. Registered office address: Cassini House, 57 St James’s Street, London SW1A 1LD. Registered as a private limited company in England and Wales No 08210180.
Puma VCT 13 is open for investment. Please contact our Business Development Team (businessdevelopment@pumainvestments.co.uk) to find out more:
www.pumainvestments.co.uk/products/ venture-capital-trusts/puma-vct-13
PUMA VCT 13
client scenarios
https://www.pumainvestments.co.uk/ advisersupport@pumainvestments.co.uk
Head of Strategic Partnerships, Puma Investments
karen sullivan
Source: Puma Investments, February 2024
Should not be read as advice. For illustrative purposes only and assumes no gains or losses on investments. Please remember VCTs, EIS, and BR products are high risk and we always recommend investors seek independent investment and tax advice before considering investment. An adviser will need to consider client suitability and the eligibility and timings of tax reliefs and reclaims depicted, and the impact of charges, as relevant to the offering(s) represented and/or any specific offer chosen. Tax reliefs depend on the individual investor’s circumstances and may be subject to change.
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About Intelligent Partnership
We organise focused events and provide a suite of materials to keep advisers and industry professionals up to date with the latest developments and on course to meet their training and unstructured CPD targets. Our range of engaging and accessible resources includes:
ntelligent Partnership is the UK’s leading provider of insights and education in the tax advantaged and alternative investments space.
A deeper dive into individual providers giving their input on particular market issues and more detail on the strategies and offerings they have developed to address them.
Provider spotlight emails
Our dedicated programme includes a variety of in-person and virtually hosted events, across the country. Supporting financial advisers and the tax planning community, we facilitate knowledge building of tax wrappers in a workshop environment. We host webinars and conferences that focus on specific areas of tax and estate planning, celebrating the role of the UK SME investment and finance communities through our annual Growth Investor Awards.
Awards, conferences, webinars and workshops
Our CPD tax planning online accreditation programme is aimed at regulated advisers, wealth managers, paraplanners, accountants and solicitors that require a recognised level of knowledge and understanding in EIS, SEIS, VCT and Business Relief. www.accreditation.intelligent-partnership.com
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A weekly snapshot of the latest articles, commentary and market data for financial services professionals on tax efficient investment and estate planning. These are sent alongside our regular CPD emails, providing the opportunity to earn unstructured CPD time based on relevant articles and content provided by ourselves and external providers. Please retain a copy of all emails and publications to be able to claim unstructured CPD hours.
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Free, award winning series including EIS, VCT, BR and AIM updates offering ongoing observations and intelligence, the latest thoughts and opinions of managers and providers, and a comparison of open investment opportunities. www.intelligent-partnership.com/ esearch-format/publications
Quarterly industry updates
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We welcome any feedback on our resources. Please send an email to publications@intelligent-partnership.com
Our dedicated programme includes a variety of in-person and virtually hosted events, across the country. Supporting financial advisers and the tax planning community, we facilitate knowledge building of tax wrappers in a workshop environment. We host webinars and conferences that focus on specific areas of tax and estate planning and celebrate the role of the UK SME investment and finance communities through our annual Growth Investor Awards.
Our CPD tax planning online accreditation programme is aimed at regulated advisers, wealth managers, paraplanners, accountants and solicitors that require a recognised level of knowledge and understanding in EIS, SEIS, VCT and Business Relief. accreditation.intelligent-partnership.com
Free, award winning series including EIS, VCT and BR offering ongoing observations and intelligence, the latest thoughts and opinions of managers and providers. intelligent-partnership.com/ research-format/publications
