Hidden within the multiple budget announcements, some welcome news was announced for scale-ups in the form of changes to the Seed Enterprise Investment Scheme (SEIS) and Enterprise Investment Scheme (EIS). Read on to find out how you could benefit from these announcements.

As we go into the new 2023/24 tax year, the government continues to present the UK as a competitive business environment for start-ups wishing to grow through private investment. The “sunset clause”, also known as the end date for EIS, has been extended from its current date of April 2025. Also, the limits for SEIS have been increased, which provides evidence of the increased resources available for UK start-ups.

What do you need to know about the changes to SEIS?

The government’s strategy for this scheme seems two-fold, attempting to increase the number of companies that can use the scheme while increasing the value available to the ones that do. This strategy is executed through the below changes to the scheme’s conditions:

  • Companies can now benefit from the scheme for its first three years of trading rather than its current limit of two years
  • Companies can now qualify with up to £350,000 of gross assets, an increase from the current limit of £200,000
  • Companies that qualify for SEIS can now raise up to £250,000, an increase from the current £150,000 limit
  • Individual investors can now invest £200,000 rather than £100,000 to support the new company

It should be noted that these conditions don’t kick in until the new financial year and that a company that has raised funds under EIS is prevented from raising further funds under SEIS even if they were to qualify in the new year.

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