The document sets out draft legislation making changes to the Enterprise Investment Scheme (EIS) and Venture Capital Trusts (VCTs), which are necessary to secure State Aid approval for the schemes as well as draft legislation announced in the Pre-Budget Report on 9 December 2009 which would apply a new condition based on the European definition of a small enterprise to the venture capital schemes (the Enterprise Investment Scheme (EIS) and Venture Capital trusts (VCTs).
A deadline of 1 February 2010 was set for comments on the draft legislation.
In response to requests to allow more time for the consultation:
(1) The deadline for the receipt of comments on the proposed new condition based on the EC Small Enterprise definition has been extended to 12 March 2010. The deadline for comments on the draft legislation making changes required for State aid approval remains 1 February 2010.
(2) The Government’s current intention is that any legislation to apply a new condition based on the EC Small Enterprise definition would only apply to money raised by VCTs or EIS Funds after a final announcement of the detail of any legislation. Money raised before then by a VCT or EIS Fund, but which is not invested until a later date, would not therefore be affected.
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