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The QCA's Tax Committee responded to the HM Revenue and Customs Consultation on Venture Capital Schemes (the Enterprise Investment Scheme and Venture Capital Trusts), which outlines the draft legislation to implement the rule changes to these schemes neccessary to secure EU state aid clearance.  The QCA argued that we do not have any specific comments on the drafting, but believe there are two areas that could benefit from further guidance from HMRC on, including the definition of ‘a company in difficulty’ and  the meaning of ‘permanent establishment’.  We also note that we strongly support the AIM VCT Managers Group and London Stock Exchange’s proposal to allow VCTs to invest in the secondary market and welcome the extended consultation period for the potential rule change on the size of qualifying businesses.

Click here to read the response (pdf)

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