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Finance Act 2012

Background Note

122.The Chancellor announced at Budget 2011 that the Government would bring forward proposals for support for investment in small, early stage companies, in addition to that provided by the EIS and Venture Capital Trusts (VCT) scheme.

123.A consultation document, "Tax-advantaged venture capital schemes: a consultation" was published on the Treasury website on 6 July 2011 setting out proposals and seeking views on a number of design issues.

124.Views expressed in response to the consultation have been taken into account in developing the new SEIS relief. The Government’s response to the consultation was published on 6 December 2011 and is available on the HMT website.

125.The Government announced the proposal to introduce SEIS re-investment relief in the autumn statement 2011. HMRC issued a Technical Note outlining the scope of the relief on 6 December 2011 and draft legislation was published on 31 January 2012.

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