A time for change: addressing new priorities for a better world
25 November 15
25 November 15
Following the publication of today's Spending Review and Autumn Statement 2015, we have summarised below how the announcements affect Triple Point's range of products and services.
Triple Point VCTs and the Triple Point EIS Service
The government announced changes last month to the excluded activities of the Enterprise Investment Scheme (EIS), Venture Capital Trusts (VCT), and Seed Enterprise Investment Scheme (SEIS) so that, with effect from 30 November 2015, the provision of reserve energy generating capacity and the generation of renewable energy benefiting from other government support by community energy organisations will no longer be qualifying activities.
The government also announced that these activities would not be eligible for Social Investment Tax Relief (SITR) when SITR is expanded to enable investments of up to £5m per annum.
Today, the government made further announcements to exclude all remaining energy generation activities from the schemes from 6 April 2016, as well as from the enlarged SITR. We understand that this restriction will be applied to new investments made on or after 6 April. This is subject to reviewing the draft legislation, which we understand will be published in the next couple of weeks.
As a result of these announcements, Triple Point, in relation to new applications, will continue to arrange investments through the Triple Point EIS Service into its pipeline of companies looking to operate combined heat and power plants, as well as companies across the construction industry up to the end of the tax year (2015/16).
Investors submitting new applications to the Triple Point EIS Service will be allotted shares into a minimum of two EIS-qualifying companies.
Triple Point Estate Planning Products and Services
Today's announcements do not appear to have any material impact on our estate planning strategies.
Generations and Navigator are both open for applications via the Triple Point Estate Planning Service or via bespoke entry routes which can be accessed to meet a range of investment requirements.