• At-a-glance
• Administration Of Tax
• Personal Taxation
• Employment Taxation
• Business Tax
• Capital Allowances
• Corporation Tax
• Capital Gains Tax
• Inheritance
• Savings and Investments
  
• Pensions
  
• Charities
  
• Anti-Avoidance
  
• Stamp Taxes
• Value Added Tax
• Excise Duties
• Miscellaneous

SAVINGS AND INVESTMENTS

Enterprise Investment Scheme and Venture Capital Trusts

Subject to state aid approval, Finance Act 2011 will introduce legislation to increase the income tax relief given under the Enterprise Investment Scheme (EIS) from 20% to 30% of the amount subscribed for shares from 6 April 2011. In addition, with effect from 6 April 2012, Finance Act 2012 will increase:

• the employee limit to fewer than 250 employees for both EIS and Venture Capital Trusts;
  
• the size threshold to gross assets of no more than £15m before investment for both schemes;
  
• the maximum annual amount that can be invested in an individual company to £10m; and
  
• the annual amount that an individual can invest under EIS to £1m.

Finance Act 2012 will also introduce legislation providing that companies whose trade consists mainly of feed-in tariffs or similar subsidies will only be able to benefit from the schemes for shares issued from 23 March 2011 where commercial electricity generation commences before 6 April 2012.

Introduction of Junior ISAs

The Government plans to introduce a Junior ISA, which is expected to be available from autumn 2011. They will be available to UK resident children aged under 18 who do not have a Child Trust Fund account and will be tax-relieved.

Qualifying Time Deposits

With effect from 6 April 2012, taxable interest on new qualifying time deposit accounts will suffer deduction of income tax at source.