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Community investment among tax incentives

Plans for a new community investment vehicle likely to be sold by advisers were announced in the Budget to encourage investment into Britain&#39s most deprived areas.

There will also be a 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 in the Treasury&#39s Enterprising Communities project announced in the Budget and is likely to be distributed to private investors through IFAs.

The product is subject to consultation but could be similar to an enterprise zone trust which invests in property in rundown areas.

It is also likely to have a minimum holding period of five years.

EIS and VCT regulations were also relaxed to encourage more investment companies to adopt the sch- emes. 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 that VCT managers have to invest in qualifying companies in the first three years.

Enterprise investment scheme companies will be permitted to float before three years without investors losing tax reliefs. This may encourage more firms to become involved in EIS.

Venture Capital Association chairman David Thorp says: “This is all helpful tinkering. It means people are still talking about these schemes and trying to make them more accessible.”

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