EIS, SEIS, SI and VCT reliefs: review of operation

Finance (No. 2) Bill – in a Public Bill Committee at 3:45 pm on 16 January 2018.

Alert me about debates like this

‘(1) Within twelve months after the passing of this Act, the Chancellor of the Exchequer must review the operation of the reliefs established under Parts 5, 5A, 5B and 6 of ITA 2007.

(2) The review under this section must consider—

(a)the revenue effects of the reliefs and changes made to those reliefs since the passing of the Finance Act 2012,

(b) the employment effects of the reliefs and those changes,

(c) other economic effects of the reliefs and those changes, and

(d) the extent to which trusts or other entities have been created to secure benefits from the reliefs and those changes without providing wider employment or economic benefits.

(3) The Chancellor of the Exchequer must lay before the House of Commons the report of the review under this section as soon as practicable after its completion.”—

This new clause provides for a review of the operation of the enterprise investment scheme, the seed enterprise investment scheme, income tax relief for social investments and venture capital trusts income tax relief.

Brought up, and read the First time.

Question put, That the clause be read a Second time.

The Committee divided:

Ayes 9, Noes 10.

Division number 12 Caledonian Pinewood Forest — EIS, SEIS, SI and VCT reliefs: review of operation

Aye: 9 MPs

No: 10 MPs

Aye: A-Z by last name

No: A-Z by last name

Question accordingly negatived.

New Clause 9