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VCR practices revised by Revenue

The Inland Revenue has published revised versions of three existing statements of practice to reflect changes to venture capital reliefs (VCRs) introduced by the Finance Act 1998. The changes also mean that Extra-Statutory Concession ESC A76 (dealing with individuals acquiring one of two subscriber shares in a company) is no longer needed and it has therefore been withdrawn for shares issued after 5 April 1998.

The first statement of practice (SP 5/98) sets out the Revenue`s general approach in applying the &#34gross assets rule&#34 for the venture capital trust (VCT) and the enterprise investment scheme (EIS).

The second statement of practice (SP 6/98) sets out the application of the rules which deny or withdraw relief to investors under the EIS, the business expansion scheme, the VCT scheme and capital gains tax reinvestment relief, where investors receive loans linked to their investments.

The third statement of practice (SP 7/98) gives the Revenue`s interpretation of the requirement that qualifying trades or activities for which money is raised through the EIS, VCT scheme or through capital gains tax reinvestment relief, should be carried out &#34wholly or mainly in the United Kingdom&#34.


M&E buys Interdependence to form number three network

Leeds-based IFA network M & E is to join forces with the Interdependence Network to create the third largest IFA network in the country.The Interdependence board accepted an offer from the Greatminster Group which owns M & E through holding company Tenet Ltd. Both companies will now come under this company.The new group will employ […]

Schroders launches new corporate bond Pep

Schroder Unit Trusts Ltd is launching a corporate bond pep which it says has a projected annual return of 7 per cent gross.It says the High Yield Bond Fund will invest 60 per cent of its credit in companies rated A and above and 40 per cent in companies rated at BBB.The fund manager says […]

Building Society lending falls £233m in November

Building society mortgage lending fell by £233m between October and November, according to Building Societies Association figures.Net advances dropped to £534m in November from £767m in October. When seasonally adjusted, the fall is less significant. Net advances are down £623m in November from £684m in October.BSA director general Adrian Coles says: &#34It is important not […]

PIA expels IFA firm

The PIA is expelling Bhayani Insurance Brokers of Middlesex from membership and fining N W Brown & Company of Cambridge £4,000 over pension review failings.It says it is taking disciplinary action against both firms because they have failed to take all reasonable steps to meet the December 1997 deadline to complete 90 per cent of […]


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