HM Treasury has reached out to the tax-advantaged venture capital scheme industry to help inform the policy design for introducing increased flexibility for replacement capital within the Enterprise Invesment Scheme and Venture Capital Trusts.
To assist with the policy design, HM Treasury would welcome views from across the sector on the impact that the introduction of flexibility for replacement capital will have on the schemes and on investee companies. They would also welcome any evidence that you can provide on:
– The typical profile of companies for which replacement capital is likely to be necessary as part of an investment.
– The proportion of overall investment rounds for which replacement capital is likely to be utilised.
– Individual (anonymised) examples of how the use of replacement capital has previously contributed to the growth and development of the investee company.
Any contributions should be submitted by email to VentureCapitalConsultation@hmtreasury.gsi.gov.uk by 15th April in order to help inform the policy design.
Please be aware that information you provide in this email, including personal information, may be published or disclosed in accordance with the access to information regimes*.
* These are primarily the Freedom of Information Act 2000 (FOIA), the Data Protection Act 1998 (DPA) and the Environmental Information Regulations 2004. If you want the information that you provide to be treated as confidential, please be aware that, under the FOIA, there is a statutory Code of Practice with which public authorities must comply and which deals with, amongst other things, obligations of confidence. In view of this it would be helpful if you could explain to us why you regard the information you have provided as confidential. If we receive a request for disclosure of the information we will take full account of your explanation, but we cannot give an assurance that confidentially can be maintained in all circumstances.