At Autumn Statement 2016, Philip Hammond MP announced the government’s commitment to provide more support for UK infrastructure and innovation, as part of the government’s Patient Capital Review. The review, led by a panel of industry experts chaired by Sir Damon Buffini, will consider the factors affecting the supply of patient capital (defined as “long term investment in innovative firms led by ambitious entrepreneurs who want to build large-scale businesses”).
As part of this review HMT has now published a consultation document financing growth in innovative firms which looks at the availability of long term finance and the barriers faced by companies seeking to access patient capital.
ICAEW’s response to this consultation is being led by the Corporate Finance Faculty with input from other parts of the business. The Tax Faculty is particularly interested in chapter six of the consultation document which considers the current tax reliefs available for investors providing capital. We will be providing comments to the following questions which can be found on page 50 of the consultation document:
Responses to the consultation will inform decisions around resource allocation which will be announced in the autumn Budget.
Please send any comments to Sarah Ghaffari email@example.com by 8 September 2017.