Budget Statement 2017: No significant impact on Triple Point's products
This afternoon, the Chancellor of the Exchequer, Philip Hammond, delivered his first Budget Statement to Parliament and, having considered the announcements, we can confirm that our existing VCT, EIS, Advancr Bonds and Business Relief products are not materially affected.
1. Changes to VCT/EIS rules previously announced – none of which adversely affect our VCT/EIS offerings.
As announced in the Autumn Statement 2016, the government will amend the requirements of the EIS and for VCTs to:
2. Changes to VCT/EIS advance assurance process.
It was confirmed that a summary of responses to a consultation on options to streamline and prioritise the advance assurance service will be published after the Budget.
3. Patient capital review
The government also announced a review of ‘patient capital’ with the aim “to ensure that high growth businesses can access the long-term capital that they need to fund productivity enhancing investment. We understand that VCT and EIS funding will be included as part of the review.
4. Changes to Class 4 National Insurance contributions (NICs) affecting self-employed earners including Members of Generations Capital LLPs.
The government has already announced that it will abolish Class 2 NICs from April 2018. Today it was announced that the main rate of Class 4 NICs will increase from 9% to 10% in April 2018, and to 11% in April 2019. Taken together with the abolition of Class 2 NICs, this means that only self-employed individuals with profits above £16,250 will have to pay more NICs.
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