The UK government unleashed their growth plan in a mini budget that saw some of the most radical tax reforms for a generation.
While the government scrapped the top rate of tax and provided most tax payers with a tax cut in the form of a reversal in national insurance and 1p income tax reduction.
However, the most important announcements for early stage growth companies were the extension past 2025 for EIS and SEIS, and the increase in the amount a company can raise using SEIS.
Companies will now be able to raise £250,000 under SEIS, a significant jump from £150,000.
The coverage of companies was also expanded with the trading period limit lifted from 2 years to 3 years, and the asset base increased to £350,000 from £200,000.
Investors will now be able to invest £200,000 annually.
The changes will come into effect April 2023.
Find out more in the government’s growth plan here.
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