Enterprise Investment Schemes

Lord Sikka Excerpts

Thursday 3rd February 2022 Lords Chamber

[Baroness Penn (Con)]

My noble friend is correct about the success of the EIS scheme in terms of the amount of money raised. It is world-leading in that fact and has managed to do that under its current design. However, as I have said, I will take my noble friend’s request for a meeting back; we are always looking at what more we can do.

[Lord Sikka (Lab)]

My Lords, the Office of Tax Simplification has stated that the Government give more than 1,100 tax reliefs, most of which have not been quantified by HMRC. The National Audit Office cannot verify them. We have absolutely no idea whether they achieve the assumed economic objectives. When will the Government look into that?

[Baroness Penn (Con)]

My Lords, the Government are confident that the Enterprise Investment Scheme and Seed Enterprise Investment Scheme we are talking about today are effective schemes that have proven to give much-needed support to many British businesses over many years.