Government reform of tax reliefs
Kealan Doyle, co-founder of Symvan Capital was part of a recent delegation that met with the Treasury where the following issues were raised.
How valuable EIS is to the British economy.
How the Treasury is focused on fostering tax efficient investing in certain key sectors such as technology.
Kealan was interviewed about these developments by the Mail on Sunday and featured in this article: "Government set to launch a reform of tax breaks for investors who back entrepreneurs". The Treasury is spreading a message which, in simple terms, could be described as a warning to those who engage in 'pseudo-property plays' rather than that for which EIS was intended. The Treasury has noted that it is not in the business of providing tax relief for people to make investments that they were going to make anyway. It looks like it shall continue to crack down on this in the future. Another trend will possibly be a refusal to foster business activity that would not occur in the absence of tax relief. Symvan Capital is positioned firmly in the growth sector of EIS investment, specialising in disruptive technology. This is precisely the area of innovative investment for which EIS is intended and the government wants to encourage.