Kalifa Review of UK Fintech

Lord Sharpe of Epsom Excerpts

Tuesday 27th April 2021 Lords Chamber

[Lord Sharpe of Epsom (Con)]

My Lords, I refer to my interests as set out in the register. Has the Treasury given any consideration to the specific recommendation to amend the EIS, SEIS and VCT rules to make it easier to attract investment into these start-ups and to retain the tax reliefs when the business models evolve into more regulated activities? This would cost the Treasury very little but unlock a potentially substantial amount of capital.

[Lord Agnew of Oulton (Con)]

My noble friend raises important points. These matters are always under discussion in the Treasury, although it is important to stress that there is a large amount of capital out there to support early-stage businesses. We see that in the valuations these businesses are achieving, even at an early stage. However, we will keep it under review.