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Industry Update | Dec 2023
Enterprise investment scheme
Market update with Christiana Stewart-Lockhart
Finding liquidity opportunities away from traditional exit options
Talking EIS
Thought leadership
Analysis
Why now’s a great time to consider early-stage investments
Why should advisers consider private markets to drive returns and balance for their clients’ portfolios?
Industry Update | December 2023
Fuelling academic innovation and fostering entrepreneurship
Investing in the Enterprise Investment Scheme in a high interest rate environment
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Introduction
Market Update
Considerations for Investment
Industry Analysis
Managers in Focus
What's on the Horizon
Further Learning
The EIS universe today
2
learning objectives
The ENTERPRISE INVESTMENT SCHEME (EIS) universe today
The EIS Universe today Market update with Christiana Stewart-Lockhart, Director General, EIS Association Finding liquidity opportunities away from traditional exit options Why should advisers consider private markets to drive returns and balance for their clients’ portfolios? Talking EIS Fuelling academic innovation and fostering entrepreneurship Why now’s a great time to consider early-stage investments Investing in the Enterprise Investment Scheme in a high interest rate environment About Intelligent Partnership
The Treasury’s decision to extend the Enterprise Investment Scheme (EIS) beyond its current cutoff in April 2025 is welcome news for investors.
Annually, the EIS directs almost £2.3 billion of investment towards approximately 5,000 startups but entrepreneurs have been grappling with the uncertainty of the scheme’s future. Government initiatives to expand EIS utilisation and enhance capital accessibility beyond London and the South East have contributed to the development of technology hubs nationwide, including Northern Ireland. This sustained commitment is a positive stride toward fostering growth in these regions. The UK possesses a robust entrepreneurial spirit. As companies scale up, there will be a growing demand (and supply) for scale-up and expansion capital. The combination of EIS and VCT funds will sustain competitiveness and leadership in knowledge-intensive technology sectors, such as AI, quantum and healthcare.
In this issue, Market update with Christiana Stewart-Lockhart, takes a deeper dive into what’s been happening in the landscape at the moment. In Finding liquidity opportunities away from traditional exit options, one manager explores these themes and talks investment periods and the importance of keeping advisers and investors in the loop. Why should advisers consider private markets? Investing in private markets can help create balanced client portfolios with attractive tax benefits, argues one manager. In Talking EIS, one manager talks shortening deployment periods and rates of exit and advocates for a simplification and reduction of administration. The UK’s universities serve as hubs for innovation, intellectual property generation and the commercialisation of research findings. Fuelling academic innovation and fostering entrepreneurship looks at EIS’s role in investing in university spinouts. We may be in the best period in over a decade to invest in new companies and some of the most successful venture capital-backed companies were built in difficult economic times, argues one manager in Why now’s a great time to consider early-stage investments. Finally, in Investing in EIS in a high interest rate environment, one manager makes a strong case for the benefits of EIS in providing scaleup for innovative ventures.
In this issue of the Business Relief (BR) industry update
In this issue of the Enterprise investment scheme (eis) update
- 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.
Opening Statement Update Overview
1. INTRODUCTION
Market Composition Fees and Charges
3. Considerations For Investment
Are Hostile Takeovers A Danger To AIM? AIM In FCA’s Proposals
4. Industry Analysis
What Has The Market Been Doing? More AIM Positivity 2021 AIM Listing What's Driving the Market? The Autumn Budget 'AIM' for success, not perfection Focus Drives Pandemic Return Small is Beautiful Combatting Climate Change Health is Wealth What the Managers Say
2. market update
Amati Global Blackfinch Blankstone Sington Close Brothers Hawksmoor investment Puma investments Sarasin & Partners Stellar investment TIME investments Unicorn Comparison Table
5. managers in focus
More AIM-focused EIS Future Market Changes Considered What The Managers Say
6. what's on the horizon
Learning Objectives CPD and Feedback About Intelligent Partnership Disclamer
7. further learning
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BIDDER JURISDICTION (FIRM OFFERS)
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.
The EIS Universe today Spring Budget 2023: SMEs receive tax-friendly policies and investment incentives Unlocking EIS opportunities all year-round: don’t wait until tax-year end Breaking the glass ceiling: the rise of female entrepreneurship Why EIS is compelling right now MICAP statistical analysis: EIS open offers Welcoming the new tax year: maximising tax-efficient investments Consumer Duty: Considering ESG/Sustainability in EIS Continuing Professional Development About Intelligent Partnership
The EIS Universe today Market update with Christiana Stewart-Lockhart, Director General, EIS Association How venture capital via tax efficient investments can lead to good client outcomes under Consumer Duty Powering regional growth: the Cambridge Cluster The nuanced landscape of exiting portfolio investments Can the FCA be right? EIS - Looking beyond tax reliefs More than money: considerations when selecting an investment manager Riding the waves for start-up valuations Continuing Professional Development About Intelligent Partnership
09
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www.oxcp.com MBower-Easton@oxcp.com
Head of Distribution, Oxford Capital
Mark Bower-Easton
03
A collective sigh of relief
his is fantastic news for entrepreneurs and investors across the UK and securing the future of the EIS has been a major priority for the EISA. The EIS accounts for nearly £2.5 billion of investment into more than 4,000 startups every year. Without the extension announced in the Autumn Statement, the EIS would have ceased in April 2025, likely resulting in an end to billions of pounds of much needed investment into many of the UK’s most innovative businesses. Uncertainty around the future of the scheme had caused significant concern across the EIS ecosystem so this announcement and confirmation of government support is excellent news for early stage business growth in the UK. Entrepreneurs are now able to seek much needed investment with the confidence that the EIS will still be available to support their future growth beyond April 2025. The current economic climate has definitely been a challenge for many entrepreneurs and this announcement about the EIS will provide some much-needed reassurance for entrepreneurs and investors across the UK. The EIS is a world-leading scheme. Its success in fostering innovation and entrepreneurship, as well as economic growth, has been internationally recognised and it’s great to see the government backing British businesses in this way. Alongside the Autumn Statement, the government also published some very informative survey data and analysis about the success of the EIS. One finding that is particularly interesting is that, amongst investee businesses “compared to a control group, the use of EIS is associated with higher levels of turnover, assets and employment.”
With record-breaking levels of investment last year, the EIS continues to play a critical role in facilitating investment into many of the most exciting and innovative businesses across the UK.
T
By Christiana Stewart-Lockhart, Director General, EIS Association (EISA)
www.eisa.org.uk christiana@eisa.org.uk
Christiana Stewart-Lockhart
Director General, EIS Association (EISA)
The big – and very welcome – news from the Chancellor’s Autumn Statement was that the government finally announced an extension to the EIS (and VCTs). While not mentioned in the Chancellor’s speech, the corresponding publication confirmed that “the government will legislate in the Autumn Finance Bill 2023 to extend the existing sunset clauses for the EIS and VCT from 6 April 2025 to 6 April 2035.”
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Table 4.1: Impact of EIS on turnover, assets and employment
% increase associated with use of EIS
Turnover
Assets
Employment
88%
132%
39%
Notes: Percentage changes calculated by taking the exponent of the coefficient and subtracting 1. Full estimation results are provided in the Appendices.
The survey also explored the motivations behind those who invested in startups through the EIS. Alongside the opportunity to invest in innovative businesses it looked at how important the various reliefs were to decisions to invest. “Overall, income tax relief was the most important factor, rated ‘very important’ most frequently by both EIS (72%) and VCT (86%) investors… Similar proportions of EIS and VCT investors said the CGT exemption was ‘very important’ in their decision to invest through the schemes (54% and 51% respectively). Among EIS investors, loss relief was seen as ‘very important’ by 46%. Fewer thought CGT deferral and Inheritance Tax (IHT) relief were important (36% and 26% respectively rated them ‘very important’).” Levels of knowledge about the different reliefs offered through the EIS do vary and it is interesting to see the drivers of those investors who were surveyed. Perhaps unsurprisingly, the income tax relief was most frequently mentioned but more than half of those surveyed also mentioned CGT exemption. With record-breaking levels of investment last year, the EIS continues to play a critical role in facilitating investment into many of the most exciting and innovative businesses across the UK. Alongside the SEIS, it also helps to ensure that the UK is one of the best places in the world to start a business. While the government had previously stated its support for the EIS and its “firm intention” to extend it, the confirmation that it will be extended for 10 years to 2035 and that the extension will be included in the Autumn Finance Bill will provide some much-needed reassurance to both entrepreneurs and investors. This is brilliant news for those in all regions and devolved nations and the government’s emphasis on the importance of entrepreneurship in our economic recovery is to be welcomed.
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1 Autumn Statement 2023 2 Venture Capital Scheme (Enterprise Investment Scheme, Venture Capital Trust) Evaluation 3 Venture Capital Scheme (Enterprise Investment Scheme, Venture Capital Trust) Evaluation
ark Bower-Easton is Head of Distribution at Oxford Capital, responsible for sales, marketing, product development and account management for key partners, private clients and family offices. He sat down with Intelligent Partnership to talk investment periods, the importance of keeping investors and advisers in the loop and finding liquidity opportunities away from traditional exit options.
M
By Mark Bower-Easton, Head of Distribution, Oxford Capital
in conversation with Mark Bower-Easton
Key themes covered:
The challenges in the VC industry of the last 12 months The importance of communicating with transparency Finding liquidity opportunities away from the more traditional exit options Oxford Capital’s focus on fintech, digital security and health and agritech
Watch now
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Private markets: why should advisers consider private markets to drive returns and balance for their clients’ portfolios?
By Sam McArthur, Partner, Praetura Investments
ntil relatively recently private market, or unquoted, investing focused on two main areas: real estate and private equity. Over the last 20 years, the breadth of the private markets universe has expanded to include private debt, infrastructure and venture capital. This evolution has coincided with an expansion of investment structures, which has opened private markets up to retail investors as well as the more common institutional size counterparties. Government-backed structures for retail investors, such as EIS (Enterprise Investment Scheme), VCT (Venture Capital Trust) and the recently introduced LTAF (Long Term Assets Fund), are now used by financial advisers to help clients achieve their investment and tax planning goals. Private market assets are being selected as part of a diversified investment strategy to improve risk return dynamics within portfolios. Why have advisers increased private markets allocations for their clients?
Breadth of opportunity
Private market assets are being selected as part of a diversified investment strategy to improve risk return dynamics within portfolios
U
www.praeturainvestments.com sam.mcarthur@praetura.co.uk
Partner, Praetura Investments
Sam McArthur
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More than money: considerations when selecting an investment manager
Partner, Praetura Investment
Enhanced returns
Uncorrelated returns
Greater influence through ownership
Developing UK market
Several recent announcements by the FCA and the Treasury have provided signs of support for UK private market investment. In June 2023, the FCA set out new rules to give retail investors and more defined contribution pension schemes access to Long Term Asset Funds. In addition, the Chancellor’s Mansion House Reforms in July 2023 publicised an objective set by some of the UKs largest pension funds of allocating at least 5% of their default funds to unlisted equities by 2030. Ultimately, investors in early stage private businesses run a higher probability of failure; however, these risks should be considered alongside the possibility of generating attractive returns. Investing in private markets can help create balanced client portfolios with attractive tax benefits whilst also supporting the growth of the UK economy. As the market continues to develop, we expect private markets to feature more prominently across retail investors’ portfolios and a starting point may be accessing a pool of private market assets via a VCT or EIS fund ahead of the upcoming tax year end.
Private companies are typically owned by a smaller group of investors, in contrast with listed companies, which are held in minority by a much wider pool of shareholders. As a result, private asset investors, such as VCT or EIS Managers, can more actively influence a portfolio asset not only to be more operationally efficient, but positively aligned to other goals such as environmental and social.
In the UK there is a far greater number of unlisted businesses than listed companies. The Department for Business and Trade’s published estimate for the number of private sector businesses in the UK with up to 49 employees was 5.51 million at the start of 2023. In contrast, the latest London Stock Exchange Issuer List shows just under 1,900 companies quoted on the market. Evidence also shows that companies are staying private for longer, or choosing not to list at all. By not allocating to private markets, investors would exclude an entire investable universe with potential for growth.
Past performance suggests that private markets have outperformed public markets in recent times. Hardman & Co published a paper in 2021 that estimated the expected return on ‘scale-up’ investments is 15% per annum and the expected return on ‘seed’ investments is 22% per annum. By comparison the five-year annualised capital return of the Morningstar UK Small Cap was just 6%, as at November 2023. Data on private market returns is still limited which must be taken into account when comparing these figures and private companies tend to be illiquid investments that are held for five or more years. In addition, past performance may also not indicate future performance.
While only a limited number of research papers have been written investigating the correlation between listed equities and venture capital, the available research, published by Sand Hill Econometrics, suggests that the correlation between venture capital and quoted equities is broadly similar to the correlation between bonds and quoted equities. Bonds are traditionally used as a tool to diversify and balance a portfolio of equities. The research suggests that venture capital will therefore have some helpful diversification characteristics relative to listed equities.
www.mercia.co.uk Paul.Mattick@mercia.co.uk
Head of Sales and Private Investor Relations Mercia Asset Management
Paul Mattick
aul Mattick is Head of Sales and Private Investor Relations at Mercia Asset Management. He sat down with Intelligent Partnership to talk knowledge-intensive funds, structured EIS deployment and all things Mercia-related.
P
By Paul Mattick, Head of Sales and Private Investor Relations, Mercia Asset Management
in conversation with PAUL MATTICK
The current appetite for EIS How Mercia has fared in this landscape Shortening deployment periods and rates of exit Mercia’s knowledge-intensive funds and the focus on medical devices and diagnostics
Head of Sales and Private Investor Relations, Mercia Asset Management
The UK’s pursuit of becoming a scientific superpower hinges on bolstering its knowledge centres to drive research, development and innovation.
By Sunil Shah, CEO, o2h Ventures
Collaborative efforts like this showcase the impactful role that venture capital can play in propelling university spinouts towards success in what is an increasingly competitive landscape.
niversities serve as hubs for innovation, intellectual property generation and the commercialisation of research findings. University spinouts play a crucial role in creating a thriving innovation ecosystem, drawing from all academic institutions and disciplines. The life sciences sector is gaining prominence, witnessing a surge in equity deals within spinouts during the latter half of 2022 and into 2023. Sub-sectors such as research tools/reagents, pharmaceuticals and analytics and insights are showing notable growth and, according to a report by Beauhurst, foreign investment into UK spinouts has reached an all-time high. Alevin Therapeutics, which originated at the University of Nottingham, is a great example of a company making remarkable progress. Dedicated to developing safe and effective medicines for unmet diseases, Alevin Therapeutics has a specific focus on Idiopathic Pulmonary Fibrosis (IPF). The leadership team at Alevin includes highly experienced professionals such as Thomas McInally, a seasoned medicinal chemist with more than 30 years’ experience, Chris Moody, a prolific researcher with more than 440 publications and 10 patents and Alison John, an experienced cell and molecular biologist specialising in therapeutic target identification in lung disease. Since it launched in March 2022, the company has made remarkable progress. Within seven months, it received prestigious awards, including the Best Biotech Startup Company at the OBN Awards 2022 and Finalist for Start-up of the Year at the Cambridge Independent Science and Technology Awards 2023.
Recognising the potential, o2h Ventures made a pre-seed capital investment. In July 2022, in collaboration with the University of Nottingham, we became the lead investor and reinvested. We provided essential support, including co-working space in o2h co-work labs, assistance with office address establishment, face-to-face mentoring and support from o2h co-work labs. The partnership also extended to connecting Alevin with major players in the pharmaceutical industry, accelerating commercial and industrial links. Collaborative efforts like this showcase the impactful role that venture capital can play in propelling university spinouts towards success in what is an increasingly competitive landscape. The Enterprise Investment Scheme (EIS) has become a crucial avenue for increasing investment in the country's most innovative startups. o2h Ventures has emerged as a key player actively investing in and leading other university spinouts from institutions such as the University of Dundee, the University of Oxford, the University of Sussex, the University of Nottingham and University College London (UCL). As finalists in the Growth Investor Awards 2023 for the second consecutive year, we are excited to be part of a collective mission to establish productive spin-out ecosystems, identifying bright talents and fostering the innovation necessary to reach the UK’s scientific superpower status.
o2hventures.com invest@o2h.com
Sunil Shah
CEO, o2h Ventures
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2021 AIM LISTINGS
08
Make the most of available tax reliefs as tax year end approaches
Tax year end is an ideal time to consider if your clients could benefit from investing in early-stage companies. An obvious reason why is that making an Enterprise Investment Scheme (EIS) or Venture Capital Trust (VCT) investment will allow suitable clients to make use of available tax reliefs, subject to qualifying conditions. You might have a client in mind – or several – who could benefit from claiming income tax relief this tax year or carrying back relief to the previous tax year. Equally, clients might have a capital gain to manage. But there’s also another reason you should take a closer look at venture capital right now.
By Jessica Franks, Head of Investment Products, Octopus Investments
Drawing on the research of Dr Brian Moretta of Hardman & Co, we’ve put together a whitepaper designed to show you how to approach adding smaller company investments to suitable clients’ portfolios.
How to add venture capital to a portfolio while considering risk
octopusinvestments.com support@octopusinvestments.com
Head of Investment Products, Octopus Investments
Jessica franks
Economic conditions are supportive of future unicorns
Some of the most successful venture capital-backed companies were built in difficult economic times. Following the global financial crisis in 2008, for example, Zoopla, Uber, and Airbnb emerged. These were all supported by venture capital investors. They all reached unicorn status, being valued at more than $1 billion. And they all flourished in a global economy that, at first glance, seemed stacked against new businesses. But here’s the thing. When conditions get tougher for business, there are opportunities for entrepreneurs with industry-changing ideas to create the unicorns of tomorrow. In a downturn, the dominant players tend to spend less on innovation, more top-tier talent can become available due to layoffs, and there’s often less competition to invest in the best business ideas. So, there are windows of opportunity to create the next household name. As the global economy faces new challenges, some of the same conditions that existed when the likes of Zoopla, Uber and Airbnb formed are present today. That means now’s an incredibly exciting time for clients to invest in early-stage businesses. “Although new challenges and headwinds exist in 2023, there are a number of very powerful tailwinds,” explains Malcolm Ferguson, an investment manager at Octopus Ventures, one of the most active venture capital teams in Europe. “These tailwinds include better availability of talent, funding scarcity, which is reducing the level of competition, and incumbents retrenching, leaving opportunities for start-ups." "We may be in the best period in over a decade to invest in new companies.” Global league tables: 2022 Annual, Pitchbook, February 2023.
When conditions get tougher for business, there are opportunities for entrepreneurs with industry-changing ideas to create the unicorns of tomorrow
The value of the investments discussed, and any income from them, can fall as well as rise. Investors may not get back the full amount they invest. Tax treatment depends on individual circumstances and tax rules may change in the future. Tax relief depends on VCTs and EIS portfolio companies maintaining their qualifying status. The shares of smaller companies are by their nature high risk, their share price may be volatile and they may be hard to sell.
A reminder of the key risks
VCT and EIS-qualifying 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: November 2023. CAM013540.
For professional advisers and paraplanners only. Not be relied upon by retail investors
Learn More
Investing in EIS in a high interest rate environment
contact
I
closebrothersam.com/ifa 01606 810325 ifaclient@closebrothers.com Micap offer
n August of this year the Bank of England raised interest rates to 5.25%, levels not seen since the 2008 Financial Crisis, in an attempt to curb rising inflation. This strategic move reflects the central bank's commitment to tackle rising inflation, maintain price stability and safeguard the purchasing power of the currency. By elevating interest rates to their highest level in over a decade and a half, policymakers aim to cool down the economy by reducing consumer spending and delaying economic growth. An often-overlooked casualty of rising interest rates is the effect it has on smaller UK companies looking to raise finance. Start-ups often heavily rely on external financing to fuel their growth, develop innovative products and hire skilled talent. With interest rates at current levels, the cost of loans and credit becomes prohibitive for many entrepreneurs. This can lead to diminished prospects for expansion and stifles the potential of innovative ventures.
How can the Enterprise Investment Scheme (EIS) benefit both investors and companies seeking finance in the face of heightened inflation, rising interest rates and record taxation levels?
The Enterprise Investment Scheme (EIS), launched in 1994, was established to provide funding to early-stage businesses with high growth potential. Investors are incentivised to invest in EIS-qualifying companies through substantial tax breaks including income tax relief, tax-free capital growth and inheritance tax exemption. This source of financing has proved crucial for many scale-up companies, particularly when it has become untenable for many companies to borrow capital through traditional methods as a result of heightened interest rates. In the last 12 months, Puma Investments’ EIS fund, Puma Alpha EIS, has invested in five additional investee companies, providing over £20m of financing across all Puma investment vehicles. Without the attractive tax breaks offered to investors, the likelihood is that many of these investee companies would not have been able to raise capital.
In the last 12 months, Puma Investments’ EIS fund, Puma Alpha EIS, has invested in five additional investee companies, providing over £20m of financing across all Puma investment vehicles.
Crucial source of funding
By George Clelland, Investment Product Manager, Puma Investments
The nuanced landscape of exiting portfolio investments
Influencer
Influencer is a data-driven influencer marketing business specialising in delivering campaigns across social media platforms. Since the company started in 2017, it has built an impressive client list and is trusted by 95% of the top-tier global brands featured in Ad Age (including Amazon, Google and Coca-Cola) and the largest media agencies. Influencer is also an official Meta creative partner for Facebook and Instagram, as well as an official global marketing partner for TikTok and an official YouTube partner. Puma Funds invested £3m in August 2019 to fund innovations on its proprietary social media platform – Waves – and to help expand its global presence. Influencer has achieved significant international expansion since the investment from Puma Funds, with the US fast becoming a key geography for the company and plans to grow the presence there.
Ron Dorff
In 2020, Puma Funds invested £3.6m into men’s athleisure wear business, Ron Dorff. Aligning Swedish functionality with French style, Ron Dorff is a well-respected premium bodywear brand, having been voted one of the three best swimwear brands for men in 2020 by Vogue magazine. In 2022, Puma Funds made two further investments of £1.7m and £2.4m to enable the business to continue its overseas expansion, particularly in the US. Ron Dorff plans to build on positive momentum in the US and European markets, following successful store openings in Los Angeles and New York and significant new wholesale door openings in the year, with increased retail visibility driving online sales.
Puma Alpha EIS participation: £1.2m Total investments by Puma Funds to date: £3m
Puma Alpha EIS participation: £3.4m Total investments by Puma Funds to date £7.6m
For investment professionals only
Investor’s capital may be at risk. Past performance is no guarantee of future returns. Tax benefits are subject to change and depend on the individual’s circumstances. 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.
pumainvestments.co.uk advisersupport@pumainvestments.co.uk
George Clelland
Investment Product Manager, Puma Investments
nvestment Product Manager, Puma Investments
A shift in investment strategies
In addition to the benefits that the Enterprise Investment Scheme provides smaller companies, it has also become a strategy that advisers are increasingly using as a tax planning tool for their clients. As fiscal drag and inflation exert their effects on investors, there has been a discernible shift in investment strategies, with a notable trend towards seeking income tax breaks through, for example, investing in EIS-qualifying companies. The number of investors claiming income tax relief on Self Assessment forms under the EIS has increased, from 39,025 in tax year 2020 to 2021 to 45,155 in 2021 to 2022.
A response to economic conditions
To explain this further, fiscal drag occurs when income thresholds for taxation remain static, leading to an increase in the proportion of income subject to higher tax rates due to inflation-driven wage growth. In this scenario, investors may find themselves pushed into higher tax brackets despite not experiencing a real increase in purchasing power. In response, many investors are turning to EIS-eligible companies, attracted by the potential for income tax relief and capital gains tax benefits offered by such investments. This strategic move not only aligns with tax planning objectives but also reflects a broader trend where investors seek tax-efficient solutions in response to economic conditions characterised by fiscal challenges and inflationary pressures. Puma Investments has been providing EIS and VCT investments to investors since 2005 and has generated attractive returns alongside the generous tax breaks offered, while providing crucial funding to British scale-up, high-potential businesses. For more information on Puma Investments’ EIS offering, please reach out to our dedicated Business Development Team to find out more.
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:
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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.
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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 CPD targets. Our range of engaging, accessible and CPD accredited resources includes:
Intelligent Partnership is the UK’s leading provider of insights and education in the tax advantaged and alternative investments space.
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
A weekly snapshot of the latest articles, commentary and market data for financial services professionals on tax efficient investment and estate planning. Alongside our regular CPD emails providing the opportunity to earn CPD time based on relevant articles and content provided by ourselves and external providers.
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
