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CIVs to be sold through IFAs

The Chancellor has announced plans to launch a new community investment vehicle aimed at encouraging investment into Britain’s most deprived areas.

There will also be range of enhancements to Venture Capital Trusts and Enterprise Investment Schemes, as well as an extension of the Film Tax Relief scheme.

The new CIV is one of a number of possible tax incentive schemes to come from the Treasury’s Enterprising Communities project, announced in this week’s budget and is likely to be distributed to private investors through IFAs.

The product is still subject to consultation but, if launched, would be similar to an Enterprise Zone Trust which invests in property in run down areas. However, CIVs may cover a region rather than individual properties or businesses.

The new products are also likely to have a minimum holding period of five years to discourage premature disinvestment.

EIS and VCT regulations were also relaxed to encourage more investment companies to adopt the schemes. EIS managers will see a reduction in the amount of money which they have to invest within the first 12 months, while a similar reduction will apply to the amount VCT managers have to invest in qualifying companies within the first three years.

EIS companies will now also be permitted to float before three years, without losing investors tax reliefs. This may encourage more companies to become involved in EIS schemes.

Chairman of the Venture Capital Association David Thorp says: "This is all helpful tinkering. It means that people are still talking about these schemes and trying to make them more accessible."


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