Companies behind tax-efficient venture capital trusts (VCTs) and the enterprise investment scheme (EIS) are celebrating after it was confirmed that 'sunset clauses' providing tax relief on them can be extended for another 10 years.
The European Commission confirmed its decision "not to raise objections" to the former government's prolongation of both the VCT and EIS schemes.
The VCT Association welcomed the news, with chair Chris Lewis saying: "The extension of the sunset clause will be welcomed by all those in the VCT & EIS sectors."
He said the industry would continue talks with HM Treasury to confirm the details of the extension.
"The VCT Association has continuously sought to demonstrate the positive impact made by our members throughout the UK, through their investment in the next generation of early-stage businesses."