KEY POINTS
- The background to the enterprise investment scheme.
- The basic tax reliefs that arise.
- The connection and activity restrictions.
- The need to use the cash.
- Getting the paperwork right.
- What can go wrong?
Do you remember profit-related pay (PRP)? Introduced as one chancellor’s great idea for stimulating the economy it became another chancellor’s outrageous tax avoidance opportunity.
It was abolished: ‘PRP RIP’. The curious thing was that it attracted little interest when it was first introduced so they had to make it more attractive each year until it became far too generous and everyone wanted some.
There are several similar stories in tax history – a ‘good cop bad cop’ approach to legislation. It all makes work for the Parliamentary draftsmen.
One of the...
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