Osborne unveils new digital process for VCT/EIS

Venture capital schemes were given a boost in today's Autumn Statement as Chancellor George Osborne announced he would make it easier for companies to access tax-advantaged schemes.

A new online system will be set up in 2016 so both investors and companies hoping to access tax breaks under the enterprise investment scheme (EIS), seed enterprise investment scheme (SEIS) and social investment tax reliefs (SITR) can register digitally. A new format for venture capital scheme (VCT) returns will also be developed, Osborne said. Although digitising the process for investing in venture capital schemes will be seen as a boost for early-stage companies, it is likely driven in part by HMRC's increased scrutiny of the tax-efficient vehicles. The new digital process may b...