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JUNE 2015
ISSUE 03
Th e IFA Gu i d e t o Ta x Eff i ci e n t I n ve s t i n g
PLUGGING
THE PENSION
GAP
rebooting
VCT - EIS
SEIS - BPR
SITR
ASSET BALANCES
AND STABILITY
SEIS
USING ALTERNATIVES
THE ADVISERS VIEW
FOR BEGINNERS
EIS
VCT
SITR
IHT
BPR
EIS Magazine June 2015
4.
Welcome
A welcome election result, regardless of your political

standing. Michael Wilson says a clear result is a good result.
But what comes now?.
5.
News in Brief
7.
Social Investment
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Robin Smeaton from City Partnership surveys the Social

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Upcoming Events
ETF Masterclass for Advisers
An Adviser Seminar on ETFs from IFA Magazine
and EIS Magazine. Opportunity for advisers to
get face-to-face access with some of the leading
tax efficient investment managers in ETFs.
10. What do Advisors Really Think?

Michelle McGagh asks the key players for their views on EIS
and VCT strategy.
14. Complementary Portfolio Planning
Edward Grant from Ingenious Investments says holding the

right assets can help to stabilise a portfolio.
16. The Estate Planning Challenge
Simon Ruthers from Oxford Capital Discusses Ways of

Reducing IHT Liability.
19. Plugging the Pensions Gap

Toby Smart from Blackfinch explains how the right EIS/
SEIS/VCT choices can put back what the 1 million cap has
taken away.
22. The EIS Tolley Diploma
Get wise, get with it, get trained. Mary Rodgers from EISA
introduces the new online EIS diploma and explains why its an
essential part of any advisers armoury.
24. Wind Power Still Investing
A look at two current projects from the McKinnons stable.
30th June 2015

The Capital Club, London
25. Adding Value Through Effective IHT Planning
Registration is free
Full details at http://tinyurl.com/pnqekyy
28. Open Offers
This extended seminar will examine the basic features

of the exchange traded funds market and will discuss
the choices and strategies available to advisers when
selecting funds on behalf of clients. Essential knowledge!
Inheritance tax is affecting more people and its time to look

further than the traditional methods of estate reduction.
Our monthly listing of whats currently available for subscription.
41. Making Hay Without The Sun Shining

James Ramsey from Puma Investments says that EIS investors
have more energy-related options than they probably think,
now that conventional renewables are off the agenda.
www.eismagazine.com June 2015
Welcome
Michael Wilson, Editor
Well, we finally got there. The Tories absolute majority
on 7th May came as a bombshell for the election pundits,
most of whom had been asking themselves not just what
sort of an unwieldy coalition wed be looking at but also
whether it would have the mandate to get anything done
at all.
Thats one question we wont have to ask for another five
years, then. So farewell and adieu, Messrs Balls, Miliband,
Clegg and Farage. (Or is it just bientt?) Either way,
Chancellor George Osborne can be feeling pretty pleased with
himself. As long as the Tory whips hold the line, he has the
freedom to do exactly what he wants. For five whole years.
And so now, with the inevitability of the second boot falling
off a shelf, comes the corrective Budget that will be unveiled
on 8th July. The March one was always going to be a bit of
an electoral groundbaiting exercise it was ever thus! and
there wont be quite the incentive this time for Mr Osborne to
keep it palatable. But do we need to brace ourselves?
We dont know. But we can say one thing for sure is that
the primary part of this budget will be about filling in all
the blanks that the pre-election Chancellor has left in the
programme for public spending cuts. According to the
Institute for Fiscal Studies, only 2 billion of the 12 billion
worth of welfare cuts announced so far has actually been
costed. And, for all that the Chancellor intends the July
statement to be a budget for working people, that extra ten
billion is going to take a bit of finding.
And So To Alternatives
So wheres the money going to come from? We may well
ask. But Mr Osborne has already said that he plans a tougher
tax crackdown - and not just on avoiders, either. One way
or another, its likely that wealthier clients are going to find
themselves steered increasingly toward more inventive
solutions if they want to avoid getting caught up with Amazon
and the non-doms. And more adventurous too.
Thank goodness, then, for alternative investments, which
appear to fit the bill in so many ways. And which catch the
business mood of the moment so perfectly. Mr Osborne has
not, on the whole, displayed very much awareness so far of
how jobs are created in the private sector, but hes right in
supposing that small and ambitious companies have a faster
job creation rate than their more cumbersome rivals. And
that this is where the future lies. Small wonder, then, that the
range of tax-efficient vehicles for more risk-tolerant investors
EIS Magazine
is expanding so fast. Or that the Chancellors next move is into

getting the middle-affluent into social investment, via Social
VCTs and the like.
Carrot and Stick

There is, then, not much risk of any backpedalling from
Number 11 on the alternatives question. But nor is there
much doubt that were being firmly steered in this direction
with an elaborate carrot-and-stick operation.
The stick is the tax clampdown (avoiders beware!),
the probable ending of higher rate tax relief on pension
contributions, and of course the reduction of the lifetime
pension cap, from 1.5 million to 1.25 million and on
toward 1 million next year. (As our authors this month have
reminded us, 1 million in your pension fund wont get you
much more than 30,000 a year after you retire.)
The carrots include the effective extension of the IHT
allowance to 1 million at least, for property-owning
couples who can exempt an extra 350,000 of their homes
value from the taxman; the raising of income tax thresholds;
and of course the April pension freedoms, which will be
providing a lot of the money thatll be feeding into alternative
investments any day now.
Its a situation where knowledge is going to be at a
premium. That goes for advisers as well as their clients. Were
featuring an article about the online EIS Tolley Diploma in this
issue, and we hope youll think seriously about signing up.
With very best wishes
Michael Wilson, Editor in Chief
News In Brief
Round up of the latest industry news
VCT sector paid

out aggregate
dividends of
231.1
240.3
over the year to
over the year to
Million
31.03.2014
VCT Dividends Up Again

The 20th anniversary of the creation
of VCTs marks a record high level of
aggregate dividends being paid.
Figures from the Association of
Investment Companies show the VCT
sector paid out aggregate dividends
of 240.3 million over the year to
31 March 2015, compared to 231.1
million in the previous year.
The average VCT is currently paying
an average yield of 8.2%, which the
average generalist VCT yielding 8.8%
and the average AIM VCT yielding 5.6%.
Million
31.03.2015
Ian Sayers, chief executive of the

AIC, said: As the sector has matured,
it is encouraging to see so many VCTs
offering consistent and attractive
yields. The companies VCTs invest in
start small, and as such are high risk,
but the tax advantages on offer can
be appealing for investors willing to
accept the risks.
The increase in average dividends
paid is one of the many reasons why
income hungry investors might want
to consider VCTs as part of a
balanced portfolio.
New Rules, New Confusions?

The Chartered Institute of Taxation
(CIOT) has warned that new
restrictions being placed on EIS, SEIS
and VCTs could deter investors from
taking advantage of reliefs.
The measures announced in the
Budget include a requirement that all
investments are made for business
growth and development; that EIS
investors are independent of the
company at the time of the first share
issue; and that total EIS and VCT
investment has been capped at 15
million per company, or 20 million for
knowledge-intensive companies.
Andrew Gotch, chairman of the CIOT
owner-managed business committee,
said the qualifying conditions could be

off-putting to potential investors and
add complexity.
The proposed measures include the
expectation that potential investors are
independent from the company at the
time that their first share was issued.
However, this may act as a disincentive
because it would deny relief where
a prospective investor already holds
shares in the company, he said.
We believe a carve out for existing
shares obtained from personal
relationship and a de minimis threshold
to enable qualification for smaller
investment holdings would help
mitigate this restriction.
Another Social Initiative

Were still waiting for the full details
of the new Social VCTs, which were
confirmed by the Chancellor during the
March Budget, and which should be
coming into proper existence in the next
five or six months. What we already
know, however, is that the tax breaks
will be broadly similar to those for
existing VCTs with some differences in
eligible investment quotas and caps.
In the meantime, the government has
moved to open up the social investment
sector further with a 2 million P2P
Impact Fund, a pilot scheme which
it says will enable regulated social
enterprises and charities to capture
investment through the thriving
crowdfunding market. This isnt
a head-on investment for private
investors, but is funded instead by the
Cabinet Office and run by the Social
Investment Business (SIB), which has
already invested some 350 million in
charities and social projects over the
last 23 years.
The government says that access to
finance is the single biggest barrier for
social enterprise to grow and sustain
operations. The median amount of
finance requested is only 58,000, it
says. And thats below the minimum
threshold offered by specialist social
investment finance intermediaries.
The fund, it says, will also help
encourage more private investors to
get involved with the social investment
market, which seeks social as well as
financial returns and can benefit a
whole range of organisations. Expect
to hear more about this in the July
interim budget.
News in Brief
HMRC Decision: Reverse

Takeover Loses EIS Eligibility
A group of four EIS investors are
licking their wounds after a court
backed the decision by HMRC to
withdraw the tax relief on their EIS
scheme, on the grounds that their
company had become majority-owned
by another company within the
statutory three year exclusion period.
Even though the takeover company
also met EIS eligibility grounds.
Confused? Lets start again with
the details. The four investors had
placed 160,000 in an EIS-qualifying
company called PhotonStar LED Ltd
during the 2009 and 2010 tax years.
But toward the end of 2010 PhotonStar
decided to go for a listing on the
Alternative Investment Market (AIM).
So far, so simple.
The trouble was that PhotonStar
had opted to achieve its listing by
the common tactic of entering into a
reverse takeover, whereby a smaller
AIM-listed company, Enfis Group Plc,
became nominally the 100% owner
of PhotonStar. Whereupon HMRC
immediately withdrew the income
tax relief under EIS - arguing that
PhotonStar had breached the Income
Tax Act 2007 (ITA 2007), s185 control
and independence requirement by
becoming a 51% subsidiary of another
company within the three-year time
period laid down by the legislation.
The four appellants had counterclaimed that HMRC had got the wrong
end of the stick. Because this was a
reverse takeover, they maintained,
the reality was that PhotonStar had
taken over Enfis, and not vice versa.
Mercia and the Internet

of Things
Mercia Fund Management has made
SEIS investments into two early stage
companies.
The fund has invested 150,000 into
Kibbi, a smart home security system,
and the same amount of seed funding
was received by Friendly Score, an
online credit profiling company.
Kibbi was a recent finalist for the
British Inventor Award at The Gadget
Show 2015 and provides an affordable
alternative to traditional home security
systems.
6
In practice, they maintained, Enfis

and PhotonStar ought to be regarded
as a single body corporate; the fact
that they were also producing joint
accounts under the PhotonStar ought
to have made this plain.
But the First Tier Tribunal (FTT)
found otherwise. Although it could
see what the investors were getting at,
it said, allowing this principle would
open the door to future uncertainty.
Even though PhotonStar and Enfis
were effectively trading in the same
business with the same management,
it would not be permissible for HMRC
to treat them as the same company.
And henceforth that PhotonStar had
indeed become a majority-owned
subsidiary of another company, which
was why it had been right that the
EIS relief was lost. The fact that Enfis
had also been EIS-eligible was not
considered relevant.
The Tribunal, in effect, agreed that
its decision was bound to sound harsh
on the appellants, but asserted that
the law was the law, and it was a
matter for the legislature to decide
whether the law should be amended to
remedy what is perhaps an unintended
consequence of the restrictions
contained in the existing legislation.
What can advisers learn from this?
Mainly that its important to keep a
watch over changing circumstances.
This was a very rare situation, but the
inferences are clear enough.
The decision, which may be open to
further appeal, can be found at www.
financeandtaxtribunals.gov.uk/Aspx/
view.aspx?id=8320
Mike Hayes, investment director

and head of digital at Mercia Fund
Management, said: Kibbi is part of a
fast-growing industry for the UK the
Internet of Things - a fertile ground
for start-ups which is predicted by
Cisco systems to be worth around 12
trillion by 2020.
Horse Sense
More bad luck for a private investor
who sank 8,000 into a half share of a
racehorse, but who later abandoned
the chase after it failed to win races
and then sold off his half share in the
nag for 500.
The First Tier Tribunal dismissed
his claim for income tax relief on his
loss, which had amounted to 12,316
including training fees. The Tribunal
declared firstly that racehorse
ownership at his particular level had
amounted to a hobby rather than an
eligible commercial activity.
And secondly, and more importantly,
that it wouldnt have paid out anyway,
because he was effectively engaged
in horse-race gambling rather than a
proper trading investment. Since theres
no income tax on gambling, it followed
that there was no relief to be had on a
bet that didnt come off. Hard luck.
VCTs via Transact
Transact has become the first

platform to offer VCTs following new
legislation.
The changes, brought about last
year, allow VCTs to be bought by
a nominee and still qualify for tax
relief. Previously, VCTs could only be
bought by investors directly and then
transferred to platforms.
The first VCTs available on Transact
will be Octopus AIM VCT, Octopus
Titan VCT and Octopus Apollo VCT.
Octopus said demand for VCTs over
the past year has hit its highest level in
nine years.
Shaun Sandiford, head of platform
distribution at Octopus, said: With
more and more advisers managing
their clients portfolios on a platform,
and with a growing year-round
demand for VCTs, we know it would
make a big difference to our advisers if
we could get our VCTs on platform.
Social Returns
Robin Smeaton, MD of the City Partnership, Looks at the Emergence of Social
Investment Tax Relief (SITR) and Asks Whether IFAs are Prepared for the New Funds
Helping Good Causes
The big question is,
do IFAs really know
enough about the
implications of SITR
and are they likely
to steer sophisticated
investors?
Rattle the tin, run a marathon,

knit a scarf for a jumble sale. Human
goodwill and investing in our social
infrastructure has been around for
generations.
What is new on the social investment
block is the introduction of social
investment tax relief (SITR), which
could have a more significant and
direct impact on the economic and
social landscape of Britain. First
announced only in 2013, and coming
into force in April 2014, the tax
incentives are intended to convince
investors to put at least some of their
money into projects that will offer the
chance of a steady return combined
with a wider social benefit.
Whats Involved?
The big question is, do IFAs really
know enough about the implications
of SITR? And are they likely to steer
sophisticated investors, bitten by

the bug for tax-efficient VCTs and
EIS schemes, to take a leap into
investments designed to make a
positive impact on the world?
There are many advocates hoping
that the social investment sector will
take off, delivering the kind of benefits
to society, and economies of scale that
will make it worthwhile for ethical
investors, fund managers and financial
advisers.
At the time of writing, only 12
SITR schemes have had clearance including a charity training subsidiary
and two social impact bonds that
involve joint ventures between a
number of charities seeking to relieve
the problems of homelessness for
young adults in two different areas of

the Midlands.
There have been only a few
investments so far, but Neil Pearson,
an expert in social finance who has
worked at not-for-profit organisation
Social Finance, believes this will
change when IFAs begin to understand
their clients can benefit from well-run
social investment projects.
Social Finance has been a pioneer
of social impact partnerships, tackling
some of societys deep-rooted social
problems, and the introduction of
social impact bonds, including one in
Peterborough to reduce re-offending
among male offenders leaving jail. To
date, there are 14 social impact bond
schemes in the UK.
Social Returns
14
social impact bond

schemes in the UK
George Osborne
agreed to set the
income tax relief for
SITR at 30%, the same
as EIS
EIS Magazine une 2015
How We Got to Here

The consensus in the fledgling
social investment sector is that tax
incentives, similar to those for EIS and
VCT schemes, are the best way to fuel
investor interest.
In 2012 the government capitalised
the City of London Corporation and
Big Society Capital with 600 million
to invest in social finance. They
commissioned Pearson and Gavin
Francis, a former HMRC adviser and
the founder of Worthstone, a firm
helping to bridge the gap between
investors and social enterprises, as
well as charity law specialists Bates
Wells Braithwaite to write a report on
this area.
The report, Advising Clients on
Social Investments and Deciding on
Suitability, helped HM Treasury define
the tax-efficient parameters of social
investing.
A working group then helped
oversee the development of the
regulations laid down in the Finance
Act 2014. Most of the working partys
recommendations were adapted into

the legislation.
The expert group argued that SITRs
should have the same benefits as an
EIS investment. David Gauke, secretary
to the Treasury, and chancellor George
Osborne agreed to set the income tax
relief for SITR at 30%, the same as EIS.
Additionally, investors pay no CGT on
disposal of shares in social enterprises.
One key difference between SITR
and EIS is that under SITR loans may
also qualify for the tax relief. While
the scheme was given the go-ahead in
July 2014, the summer lull meant little
was done until September and the first
projects launched with the finance
happened at the beginning of this year.
The one stumbling block was that
investment was capped at around
275,000 per social enterprise, due to
the EU state aid rules.
The chancellor used the Autumn
Statement to announce that qualifying
organisations could receive up to 5
million of SITR-eligible investment
per year, and up to 15 million over
an organisations lifespan. However,
the proposed increase in these limits
remains subject to EU state aid
clearance and are unlikely to take
effect before the autumn.
The expert group also argued
that SITR should be available to
investors who put money into the
social investment equivalent of a
VCT, said Neil Pearson. Although this
proposal was not taken up initially,
the government is now committed to
introducing social investment VCTs.
These funds, which will operate in a
similar format as existing VCTs, will
also offer investors income tax relief
at 30%. Investors will pay no tax on
dividends received from a social VCT
or CGT on disposal of shares in social
VCTs. Wed hope to see legislation
enabling social VCTs to be launched by
the autumn.
The Opportunities
With the potential for bigger
investments under SITR, and a wider
variety of SITR funds, the major issue
is what kind of resources exist to
assist IFAs in recommending SITR
investments, and who will be able
to give proper advice on whether a
social investment is a worthwhile
opportunity or simply a dead-duck.
Social Returns
According to Pearson, the private

sector fund managers will not have
the expertise in the social investment
space, and there is also a question
around who can target social
investment opportunities, execute
those deals and ensure that the
investments are being properly run.
Bristol: The first SITR-funded
project is already up and running in
Bristol with the charity FareShare South
West, tackling food waste and handing
surplus food to vulnerable people. It was
set up by impact investment company
Resonance and received an investment
of 70,000 from a group of angel
investors piloting thze new tax rules.
At the launch, Daniel Brewer,
Resonance managing director, said:
There was a strong preference for
investing in a pooled social investment
fund, rather than directly investing in
social enterprises on a deal-by-deal basis.
This supports a strategic
approach to social impact, ensuring
diversification of risk across a
portfolio and reducing the costs of deal
structuring for individual projects. This
pilot shows how SITR can channel new

finance to growing social enterprises.
It can help drive down the cost of much
needed capital for social enterprises,
while also delivering a risk adjusted
return to investors.
The deal provides FairShare with
access to capital that is affordable and
there are no capital repayments in the
first three years meaning the charity is
able to scale up and concentrate on the
task at hand.
Resonance is now being sponsored
by UBS in the development of SITR
funds with the aim of increasing the
opportunity for both not-for-profit
organisations and investors.
Scotland: Social Investment
Scotland, which City Partnership has
been providing administrative advice
to, is now hoping to launch Scotlands
first SITR-qualifying fund.
The fund is not being promoted
directly by Social Investment Scotland;
instead, it is hoping to encourage
advisers to identify investors they
believe will be interested in
social investment.
Getting the IFAs On Board

Encouraging individuals into niche
investments is not going to be easy, but
individuals are generally receptive to
investing in good causes. There is no
doubt that IFAs are more comfortable
with larger-scale products, and these
smaller social investment funds will
have to win their spurs to attract a
wider fan-base of willing investors.
Dont forget either that there is a
middle asset class emerging between
the red-blooded EIS investor and the
philanthropic donors, where people
want to invest for a return and tax
relief while also generating a
social return.
HMRC for its part is keen to ensure
that SITR and EIS are not confused,
but that social investment has a clear
direction helping organisations
make society a little better. Given time,
ethically-minded investors are likely to
play their part in a big way. EIS
The first SITR project is already

up and running in Bristol with
the charity FareShare South West
Getting Down to
Practicalities
How do Advisers Use Alternative Investments in the Real World? We Sent Michelle
McGagh Out To Find Out
Its absolutely right that alternative investments

should be primarily seen as a useful addition to
advisers tax planning arsenal the tempting tax breaks
from EIS, VCTs and SEIS for clients who wish to claw back
income tax, receive tax-free income and avoid inheritance
tax (IHT) or capital gains tax (CGT). But what of the
investment opportunities themselves? How do advisers use
these investment vehicles in practice?
There was only one way to find out. We asked some of
Britains most eminent advisers for their personal views. What
we got back was a wider range of opinion than wed expected.
EIS investments provide 30% income tax relief upfront
on up to 1 million of investments each year, as long as
they are held for three years. But CGT can also be deferred
through EIS and eliminated if the investments are held at
death, and 100% IHT relief is afforded after two years as
long as the client still holds the shares when they die.
The Tax Advantages
Jason Hollands, managing director of Tilney Bestinvest,
told us that he uses EIS predominantly to mitigate IHT
liabilities for clients. We use EIS principally for two
types of tax planning, he said.
The first is to help mitigate an IHT liability via
business property relief, which means that it stands
outside the investors estate for IHT purposes.
And the second useful role that EIS investments
can play in a financial plan is to defer a CGT
liability by rolling the gain into an EIS investment.
That liability re-crystallises once again when
the EIS shares are sold - but ultimately, it can be
eliminated entirely if the shares are held on death.
10
However, EIS are not necessarily the best solution for

wealthy investors looking to supplement their retirement
income, because the dividends are not paid out tax-free.
VCTs might be a better bet, he told us.
The main benefit of VCTs is that they pay out gains
as income, since the dividends are tax-free, as
well as 30% income tax relief a year on up to
200,000 of investments - as long as they are
held for five years. This might suit a wealthier
investor looking to supplement pension and
ISA income, as the yields are typically very
high more than 8% - and they are tax-free.
They are also less risky than EIS - in
theory, at least since VCTs are diversified
portfolios which typically include a large
chunk of liquid, non-qualifying assets.
Income Or Gains?
Mark Insley, managing director of Ascot Wealth
Management, believes that EIS can benefit wealthy retirees.
If you are [already] earning 45,000 a year from a final
salary pension scheme, then you might not want to try and
claim back all the income tax you are paying [on the pension
income] - but you could claim back the 4,000 a year that you
pay 40% income tax on, he said.
Insley, whose company also runs a SEIS platform, says
that alternative investments are a good middle ground
for investors who use the wealth management service but
who are not typical angel investors. And some of his wealth
management clients who he would not have expected to be
interested in alternative investments are now investors.
We have one divorced clientshe has a couple of million from
the divorce and we presented EIS to her - she is the person who
asked the most questions about it and was really interested..
She has 10,000 worth of investments, and she loved it when she
got that payback from HM Revenue & Customs.
Since Insley charges for his holistic financial planning

service, he charges the same whether I am advising on an
ISA or an EIS. If its the right thing for the client, I do not want
to be biased. To me, that is part of my job: I should educate
people on ISAs and on EIS as well, if it is right for them.
Whos Well Suited?

Certainly, alternative investments offer generous tax
breaks; but advisers are well aware that they are not
suitable for all clients.
Danny Cox, head of financial planning at Hargreaves
Lansdown, told us that in his experience the average age
for taking out an EIS was in the mid-80s, mainly because
of the IHT planning benefits. However, he noted the
contradiction between the age of the investor and the risk
of the investments they are going into.
With EIS you are potentially going into higher risk, illiquid
investments, he said which sits oddly with the fact that
most peoples appetite for risk reduces as they age.
We do very few EIS, he told us, because you have to find
people who have the right appetite for highly speculative,
early stage companies. If you have a group of companies in an
EIS the chances are that some will go bust you just have to
hope the ones that do well make up for the ones that do not.
But, he warned us, although EIS are used for IHT
purposes, they are not a panacea for inheritance
problems. Although tax can be avoided, the
If its the right thing for the
illiquidity of some EIS investments can make it
difficult for beneficiaries to get at the money
client, I do not want to be
they inherited after the death.AIM shares
biased. To me, that is part
[which are also exempt from IHT] are more
of my job: I should educate
likely to have liquidity, he thought.
people on ISAs and on EIS as

well, if it is right for them.
Wheres The Market Going?

Having heard what the advisers have to say
about alternative investments, it was time to go
back to the providers and managers for their own
views on the subject. Would they disagree? Would
they have any special insights into what clients
might want? There was only one way to find out.
Patrick Reeve, managing partner at Albion
Ventures, acknowledges that alternative
investments are generally reckoned to
be a niche industry thats reserved for
sophisticated, high-net-worth individuals;
but he believes they will become more
mainstream over the coming years as
more advisers become aware of the tax
breaks and as pension constraints
such as next years lowering of the
lifetime allowance to 1 million force
them to look at alternatives.
11
Getting Down to Practicalities
What we have found is that there are now advisers coming

in to the market who are driven by the fact that they want to
save tax because pensions are becoming more challenging,
he told us. What we may see a bit more of is people drawing
their pension and paying tax, and then reinvesting in to VCTs
to give them their tax-free money.
I think VCTs are going to become a bit more mainstream,

he told us. And that is not a bad thing. I dont want them to
be mass market, because its a specialist area, but I do think
they are robust enough to be widely held. The robustness comes
because [the VCTs invest in a] broad portfolio and build up a
decent track record with lots of good corporate governance.
He also likes VCTs as a way to supplement pension

income, because of the extremely efficient way that gains
are paid out as tax-free dividends. But VCTs should not be
used as an alternative to pensions but as an additional route.
Risk and Performance

Reeve adds that advisers should not turn to alternative
investments purely for tax planning reasons, but also for the
investment opportunities they can provide. There is a logic
[to using them for investment] they give access to a different
asset class that people would not normally accessa good
asset class of growing businesses.
Advisers should also be aware that VCTs carry higher

charges, he told us. For Albions VCTs the
upfront charge is 3% and on-going
charges are a highish 3% a year, due
to the fact that smaller companies
have higher overheads.
The ideal client is someone who takes a long-term view.

Over 75% of our VCT investors are planning to hold on to the
investment for at least seven years, and possibly indefinitely,
and that is the right attitude.
Simon Ruthers, private client senior manager at Oxford
Capital, also reckons that advisers should consider EIS
for their long-term investment opportunities,
not just for tax planning benefits. If you
use EIS as part of a long-term strategy,
that diversity [in investment
portfolios] is naturally provided,
see a bit
he told us.
What we may
more of is people drawing
their pension and paying
tax, and then reinvesting in
to VCTs to give them their
tax-free money
Some advisers are using

[EIS] solutions as reactive
solutions; but there are those at
the other end who are using them
proactively, he went on. Those who
are using them reactively are faced
with an IHT problem or a CGT problem
[and use an EIS to solve that problem] - it is
less around longer term planning and more about
solving the here and now. However, there are lots of advisers
who are moving in to using EIS as part of a long-term wealth
planning strategy.
Ruthers also agreed with Reeve that using EIS as part of
an investment strategy was a good way to get exposure to
smaller companies that might offer the chance for growth.
And he also disagreed that alternatives were automatically
too risky for most clients.
Risk should be viewed at a client level, not an investment
level, he told us. You could invest in low and medium risk
[investments elsewhere] and alongside [those portfolios] have
EIS to achieve an overall risk level.
And yet not all EIS investments are on the extreme of the
risk spectrum, he reminded us. Many EIS funds invest in
a blend of higher-risk growth companies and more stable
companies. His own preference? We look to invest in
assets that are more stable and [companies with] a
more stable and predictable operating model. EIS
12
Real Assets
Edward Grant, Investment Director in the Client Relationship Team at Ingenious
Investments, discusses complementary portfolio planning techniques
The debate surrounding the impact of pension
liberalisation rumbles on, and inevitably it has raised
the profile of retirement planning options. It has also
placed greater focus on creating a blended strategy - and
not being reliant on one asset class or solution.
Portfolio Diversification
Naturally, clients and their advisers will consider the key
pressures in retirement of longevity, inflation, volatility and
flexibility, as well as the desire to pass wealth efficiently
through the generations. As such, theyll want to consider
ways of building in some counter-volatility measures.
Portfolio diversification is at the core of the financial
planning process. The traditional asset mix has of course
focused on equities and fixed interest; however, the role
of real assets within the spectrum has grown, especially
since the Retail Distribution Review (RDR) which required
independent financial planners to consider the whole
market for each client.
Uncorrelated Assets
Real assets are generally uncorrelated to the core asset
portfolios of equity and fixed interest - which makes them
a useful complementary solution for suitable clients.
There are a number of real assets available media, clean
energy and real estate have been among the most popular,
according to the Alternative Investment
Report 2014.
For many investors, real assets enable them to directly

access growth sectors like the creative industries.
Government figures released in January 2015 showed that
the creative sector accounted for 1.71m UK jobs in 2013,
The UKs creative industries are

now worth 76.9 billion per year
to the UK economy
or 5.6% of total UK jobs. That represented a year-on-year

increase of 1.4% over the longer term (1997-2013), while
the number of jobs in these industries increased by 3.9%
each year - compared to just 0.6% in the UK economy as
a whole. And the UKs creative industries are now worth
76.9 billion per year to the UK economy.
Sajid Javid, who is currently Business Secretary but was
formerly Secretary of State for Culture, Media and Sport in
the last Parliament, put it clearly:
The UKs creative industries are recognised as world
leaders around the globe and todays figures show that
they continue to grow from strength to strength. They are
one of our most powerful tools in driving growth,
outperforming all other
www.flickr.com/photos/vancouverfilmschool/4896554334
14
sectors of industry and their contribution to the UK

economy is evident to all.
Investing Creatively
Ingenious has been investing in the UK creative economy
for the past 17 years, and we find that many investors feel
that they are able to relate to media as an asset class and
take pride in their association. There is now an established
investment track record in media which enables advisers
to demonstrate how the trades operate through the cycle of
capital raising, deployment of funds and exit on maturity in
a timely manner.
The Energy Alternative
As well as media, investors have considered clean energy
which has benefited from government incentives on the
generation of electricity although, the majority of clean
energy assets now sit outside EIS. 2014 was the most
successful year to date for Ingenious Clean Energy, with
over 60MW of renewable energy generation sites now in
operation and a further 15MW in construction.
The sites are comprised of 15 ground-mounted solar
farms, over 1,900 rooftop solar installations, five wind
farms and three waste-to-energy facilities (including two
anaerobic digestion plants).
Renewable assets generate the predictable,
inflation- linked cashflows associated with infrastructure,
but are likely to offer a premium to more traditional
assets. A direct investment in infrastructure does not have
the same exposure to market risk and volatility of listed
infrastructure equities. The assets may
be suitable for
an allocation within the portfolios of private investors and

institutions to assist with their long term investment, asset
liability matching and/or retirement planning.
Property Picks
Real estate strategy is another popular real asset trade
which is designed to preserve capital with investments that
show low levels of correlation with movements in interest
rates or inflation expectations. The onset of the credit
crunch resulted in a much restricted supply of credit from
banks to residential property developers. An example trade
would be a loan to fund the redevelopment of an existing
office building being converted into 36 flats.
As part of a portfolio, the investor and their adviser
will balance liquidity. Its important to remember that
real assets are not daily priced funds, and consequently
it is important to consider the exit timescales for each
investment and the track record of the provider in
facilitating an exit in a timely manner.
In summary, when building a diversified portfolio
including real assets, the investor and their adviser need to
understand the trades being undertaken as part of their due
diligence, be clear what the providers track record is and
what support is being offered post investment.
Nothing contained in this presentation is intended to
be, nor should it be construed as being, investment, legal,
financial or tax advice
15
The Estate Planning

Challenge
Simon Ruthers, Senior Manager Business Development at Oxford
Capital, Discusses Ways of Reducing IHT Liability
As asset values recover, inheritance tax (IHT) is once
again a problem for many clients. While it is probably
one of the easier taxes to mitigate, and is widely regarded as
a voluntary tax, clients can often suffer from inertia when it
comes to estate planning.
In the run up to the election, this inertia was further
compounded by the uncertainty over how the IHT
landscape may change, and that resulted in many clients
choosing to defer any planning until the new governments
policy is in place.
It is a simple fact of life that no one knows when they will
die, so any delay could prove financially damaging - and it
could be argued that doing nothing is likely to be the worst
option, particularly since a delay may ultimately restrict the
range of estate planning choices available.
During Times of Uncertainty, Flexibility is Key
When advisers discuss the subject of estate planning,
their clients immediate objections to taking action often
include the following concerns:
My circumstances may change and I may need access
to any capital which would be inaccessible using many
traditional estate planning methods
Legislation could change in my favour
I cant afford to make gifts
I may need access to capital to pay for care in
later life
Whilst these are legitimate concerns, there is always
the chance that they may not materialise, and that the
beneficiaries could see their inheritance reduce as a result.
Understanding the Options
One of the favoured approaches followed by
many families is lifetime gifting. In its simplest
form, this could involve a gift direct to the
intended beneficiary or, in other cases, it may
involve trusts.
However, when considering making lifetime
gifts, not only do advisers need to ensure that
it does not compromise their clients financial
security, but also that it will typically take a
period of seven years for this strategy to be fully
effective. In addition, if the client has lost mental
16
During times of uncertainty

flexibility is key
capacity, the making of gifts become more difficult and, in
some instances, impossible.
An alternative favoured by many advisers is to arrange for
a lump sum to be payable on the clients death by arranging
a suitable life assurance policy, held in trust, which to
pay any liability. As medical underwriting will need to be
completed at the time of arranging the policy, this option
is typically only suitable for clients who enjoy reasonable
health.
Business Property Relief (BPR) - a Compelling Alternative

With the need for flexibility often high on a clients
list of priorities, solutions that utilise BPR, including EIS
qualifying investments, have been growing in popularity.
Not only do these solutions provide IHT savings after just
two years; they also allow the client to retain access to the
investment should they need it.
BPR is available on a range of business assets, including
shares in unquoted companies which perform a qualifying
trade. It provides relief from IHT to shareholders in the
company and is intended to support the establishment of, and
encourage investment in new and growing businesses. The
relief is available after the shares have been held for two years.
Compared to traditional gifting strategies, which often
involve the use of trusts, BPR solutions allow the client
to make an investment in their own name, rather than
necessitating a transfer of wealth. This can be particularly
helpful where the client is concerned about having to meet
the cost of care in later life.
This table sets out the key benefits of BPR:

F lexibility
Ability to accommodate a change in circumstances
A ccessibility
Full and unrestricted access to capital
S implicity
No complicated trusts or medical underwriting
T imelines
Freedom from IHT after just two years
Understanding the Investment Options

In its simplest form, an investment in any qualifying
business will provide clients with the opportunity to qualify
for this valuable relief. However, this is often impractical,
and anyway it is a high risk strategy to invest in a single
trading company.
From a wealth planning perspective, advisers can
typically choose from two distinctive investment options:
1. A portfolio of growth companies
Investing in a portfolio of unquoted trading companies,
including those listed on AIM, providing access to smaller
growing companies although it is worth noting that not
all AIM investments will qualify for BPR.
This strategy is typically suitable where investors
are seeking the potential for higher returns and are
comfortable accepting a high level of risk.
2. Investments seeking capital preservation
By way of contrast, in response to demand from investors,
a number of investment managers have developed
solutions that seek to preserve capital, whilst providing
the opportunity to achieve a modest return.
This option could be appropriate for investors who are
seeking a less volatile investment and who would welcome
the opportunity for a more predictable return.
As each of the options will involve investing in shares
in unquoted trading companies, it is important that the
client understands the associated risks and for these to be
consistent with their risk profile.
Situations for Which BPR Solutions are Well Suited

As mentioned earlier, investments that qualify for BPR are
probably most beneficial for individuals who are looking to
maintain control and access to their investments, including
a regular income, while also mitigating any IHT liability
after just two years.
But BPR has other wealth management applications.
Some basic examples include the following:
Powers of Attorney: Individuals acting under a power
of attorney face restrictions when it comes to estate
planning, particularly in relation to the making of gifts.
Investments into BPR qualifying assets allow attorneys to
mitigate IHT, without the need to make an application to
the Court of Protection.
Investments that qualify for BPR

are probably most beneficial for
individuals looking to maintain
control & access to their investments
There are limits on the amount of

money that can be transferred into
certain types of trust, typically those
providing the greatest flexibility,
before having to pay tax
Transferring Assets into Trust: Trusts can provide a
valuable structure for passing wealth between different
generations, often providing protection from divorce,
bankruptcy and taxation.
Given the benefits that they provide, there are limits on

the amount of money that can be transferred into certain
types of trust, typically those providing the greatest
flexibility, before having to pay tax. These are typically
referred to as relevant property trusts. Although it is
possible to transfer amounts up to an individuals available
nil rate band, currently 325,000, into these structures
every seven years without an immediate tax charge, if a
client transfers more, a tax charge of 20% typically applies
to the excess.
One approach that can be particularly effective is to
advise a client to invest into assets that qualify for BPR prior
to making the transfer. Once these assets have been held for
two years, an unlimited amount of value can be transferred
into trust without an immediate tax charge. As normal,
after seven years the value of the transfer will fall outside of
the estate.
Existing Trust: Trustees must ensure that they are
acting in the best interests of the beneficiaries at all times.
Trustees have a number of conditions to satisfy under the
Trustee Act 2000 and in many cases it may be appropriate
to BPR investments , especially where the assets within the
trust are treated as forming part of the beneficiaries estate
or where the trust is subject to periodic IHT liabilities.
Sale of a Business: On the sale of a business, the owner
will lose the benefit of BPR on the sale proceeds (assuming
it qualified) and will therefore be subject to IHT. By
investing the proceeds into replacement BPR assets, it may
be possible to restore this valuable IHT shelter immediately.
Achieving IHT Savings Without Compromising

Financial Security
While the objective of estate planning is to ensure
a clients wealth ultimately passes to their intended
beneficiaries, it is important to ensure that, along the way,
they do not compromise their financial security. In an
uncertain world, a solution which enables a client to retain
access and control over their wealth during their lifetime
can provide flexibility that, in the event of a change to IHT,
or in their personal circumstances, could be valuable.
17
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up to date with all the latest financial
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Augmenting The
Shrinking Pension Pot
Richard Cook, Chief Executive of Blackfinch Investments, Looks at Alternative Ways of
Building a Lifetime Pension
There are perhaps as many ways

to save for retirement as there are
ways to spend it but pensions have
been the default way of saving for
retirement for decades.
However, as working practices have
changed, with final salary schemes
guaranteed by a benign employer
falling away, the savings regimes of
the prudent might not have adapted to
reflect the new reality. More than ever,
the financial demands of the here-andnow take precedence over the need to
save for a retirement that is perhaps
decades away.
Stealth Tactics
It has been the long term and static
nature of huge pension funds that
have made them irresistible for each
successive Chancellors cheese wire:

very small percentage cuts from very
large pension funds can make for an
attractive and comparatively easy target.
The chipping away of pension pots
is more of a stealth tax, and its rather
easier to administer, than headlinemaking changes to more mainstream
revenue generators such as income
tax, VAT and tax credits. It is much
more difficult for the people who are
unaware of the intricacies of pension
taxation to understand and appreciate
these changes and, for many,
retirement can seem a long way off.
As savers may have taken their eyes
off pensions, they have been subject
to much political interference. Prior to
A-Day in 2006, you could contribute
unlimited funds into a pension tax-free
where they would also roll up tax-free
As savers may have

taken their eye off
pensions, they have
been subject to much
political interference
(including dividend reinvestment)
within the fund. As a tax efficient tool
for saving particularly for higher rate
taxpayers it was very effective. But
over the last 18 years that limitless
pot has had the dividend tax relief
withdrawn and the lifetime maximum
contribution has been been whittled
down to 1.25 million, with plans for
a further reduction to 1 million from
next year.
19
Augmenting The Shrinking Pension Pot
So the message is clear for

pension saving: save early, save
often, but dont overdo it because
if you do, the tax charge will
really hurt
Early 30s
Assuming modest levels

of compound growth, by
contributing just
12,000
a year
Early 50s
500,000
Compounding Your Way to That

Million
So what does a 1 million pension
pot look like when you retire? Bearing
in mind that, if you are not prepared
to take the longevity risk of flexible
drawdown, you are likely to choose an
annuity.
At present a 1 million pension
would probably buy an index-linked
annuity of 30,000 a year, with a twothirds provision for a surviving spouse.
That might be insufficient for more
affluent pensioners who are hoping to
maintain their lifestyle during a period
when they might have more time to
enjoy the fruits of their labours - and
there is going to be an increasing need
to supplement pension contributions
for those who need more than 30,000
a year in retirement income.
Not only do people have to provide
more for their retirement: they also
have to find places to put those
savings. And there are plenty of them.
20
The point here is that the influence

of compound growth will mean
that anyone who has accumulated a
pension pot of 500,000 by the age
of 50 will probably end up exceeding
the 1 million limit by the time they
come to retire. At a 5% growth rate,
the value of money on a nominal basis
doubles every 12 or 13 years.
Savers who do not plan against this
compounding may find themselves
uncomfortably brushing up against the
1 million limit beyond which there
is 55% tax to pay on the overspill, and
which, once exceeded, allows no last
minute redress.
As for that 500,000 pot at 50,
it might be more possible than it
sounds. Assuming modest levels of
compound growth, even a 12,000 a
year contribution from your early 30s
onward should leave a person with
500,000 by their early 50s, despite
having only contributed less than half
that amount. So the message is clear
for pension saving: save early, save
often, but dont overdo it - because if
you do, the tax charge will really hurt.
Alternative Measures
And this is where we get to the
nub of the matter. So what kind of
alternative investments may be
available to those wishing to save for
retirement? Well, EIS is an obvious
candidate for supplementing the
pension pot. The secrets in the three
year holding period.
One of the EIS systems key
advantages over a pension is that an
investor can re-target his investment
from one EIS to another every three
to four years. Whereas pensions only
offer a one-time tax break, recycling
your EIS investment in this way makes
it possible to take advantage of the
30% income tax relief perhaps as
many as seven times during a 25 year
period. What is more, the shorter
the timespan of investment, the less
susceptible the investment is to fiscal
attack by the government during the
investment period.
While the underlying activities
that qualify for EIS can change, EIS
as an investment vehicle has had a
solid track record in this country.
The additional tax advantages, such
as capital gains deferral, loss relief
and inheritance tax relief, provide
additional benefits to a wide range
of investors. And there is a range of
risk/reward profiles, including some
which will suit investors with a capital
preservation focus.
Advanced assurance from HMRC that
an activity qualifies for EIS also helps
provide peace of mind before each
investment is placed.
The benefits of the

repeated tax break
become more attractive
when compared to the
potential uncertainty of
the underlying growth
Augmenting The Shrinking Pension Pot
The Tax Break Versus the Risk

Of course, like any investment
strategy, saving for retirement should
make use of all the alternatives.
At present, most investors take a
twin-track approach to raising their
retirement cash firstly, through the
principal primary residence, which is
then released upon downsizing and
secondly, though ISAs which provide a
convenient and effective tax wrapper
to shelter capital gains.
An EIS has a much larger annual
saving capacity, of course, as well as
the same capacity for tax-free growth.
However, even if growth is set aside,
its the compounding of that 30%
tax break when an EIS investment is
recycled that makes it so compelling.
Lets try to assess the value of that
30% initial tax break. Remembering,
of course, that like any investment, EIS
or otherwise, the higher the projected
return, the more risk one
should presume.
Most pension companies are
modelling the returns on mainstream
equity portfolios somewhere between
5% and 7% per annum on a compound
basis. But with an EIS, the tax advantages
of recycling the capital in an EIS every
three to four years should deliver a
10%+ return before any growth (or
shrinkage) is taken into account.
Asset-Backed Investments
One key aspect to look out for when
choosing an EIS to augment pension
savings is to look at business models,
and particularly at their relation to a
capital preservation strategy. Such a

strategy would look for stable returns
through activities that can be measured,
and that are more predictable. This is
often the case with a structured EIS that
relies on an asset-backed investment,
or one with a high proportion of precontracted revenue streams.
To take full benefit of the
characteristics of EIS, it is the
ability to reinvest after the
minimum hold period, thereby
triggering a further tax relief,
which holds the key for this model.
The ability for both the adviser
and the investor to understand
the cash flows of the underlying
activities will be paramount.
EIS opportunities that back more

volatile investments can have less
foreseeable revenue streams; such as
the young tech start-up company with
the ambition to design the next big
thing. Such grand ambition with higher
associated risks might reap greater
returns; however, as an investor the
timescale of this cannot be foreseen - it
could happen in one year or in 10, or
not at all; so the lack of predictability
should always be considered.
It is the ability to realise those funds
and reinvest in another EIS at regular
intervals that creates the opportunity to
compound the significant tax reliefs over
time; thus, the benefits of the repeated
tax break become more attractive
when weighted against the potential
uncertainty of the underlying growth.
Moving Away from Energy

While the EIS sector remains a broad
church in terms of risk and underlying
activities, it can be seen that over the
last five years that the mainstay for
structured EIS investment has been the
renewable energy sector.
Now, however, the renewable
sector has matured and appears
able to source funding from non-tax
advantaged sources; and accordingly it
has been ruled out as an EIS-qualifying
activity. But there are still viable and
attractive opportunities to be found,
albeit in a smaller market.
The Way Ahead
Any further reduction to the size
of pension pot will create further
demand. Time should be taken to
thoroughly investigate the underlying
business models as this will be key
in regards to the investors ability to
successfully exit and reinvest. This
timeliness of reinvestment can make
all the difference in order that the
compounding of the tax breaks can be
maximised.
So yes, well agree that pension
saving may become more complicated
in the future; but with EIS, itll be many
times more effective.EIS
21
Get Up To Speed Get Trained

The Tolley EIS Diploma is an Online Fast Track to Mastering the EIS System, Says
Mary Rodgers, EISA Membership Manager. Can You Afford Not to Sign Up?
In the two decades since the launch of EIS the market

has grown to over 1 billion a year, and approved
applications for the initiative are currently at record levels.
Not only are EIS and SEIS legitimate tax planning tools, but
they provide a key means of channelling much needed equity
capital into early stage and developing UK entrepreneurial
companies.
This investment fuels innovation and growth in
employment and is vital for the growth of the wider
economy. As Sarah Wadham, director general of the
Enterprise Investment Scheme Association (EISA), puts it:
Given that we are seeing increasing levels of interest and
investment into EIS qualifying companies and funds, it is
vital that financial advisers and wealth managers are fully
aware of how EIS operates, including the ways to invest in EIS
companies and funds and which investors these investments
are appropriate for.
The EIS Diploma
The Enterprise Investment Scheme Diploma has been
developed by the EISA in conjunction with Tolley Exam
Training to provide financial advisers with the knowledge
and skills they need to advise clients with confidence in this
rapidly growing area of investment.
The EIS Diploma is an on-line, self-study diploma covering
all aspects of EIS, including the tax implications, regulatory
aspects and the wider funds and schemes landscape. It
demonstrates effective ways to utilise investments efficiently
to maximise the benefits in an easy to understand manner.
How Its Structured
The EIS Diploma is presented in a modular format
split into four manageable chunks. There is a test at the
end of each module which candidates must pass in order
to progress to the next module. This method provides
candidates with the flexibility to work at their own pace.
Candidates must pass all four modules before being eligible
22
to take the final full EIS Diploma exam. There is no limit on

the number of times a modular test can be re-taken.
The final EIS Diploma exam is a 60 minute online test
consisting of 30 multiple choice questions, and covers
the full syllabus. There is also a full syllabus mock in
preparation for the final exam. Both are available from the
Tolley Online Exam Centre so candidates have complete
flexibility to sit them at any time. It is only permitted to
take the final exam three times and these attempts must be
within two years of passing the fourth module of the course.
the
In the two decades since
t
launch of EIS the marke
has grown to over
EIS market
1 billion a year
worth 1
Billion A
year
BE FIRST
OVER THE
LINE
Course Materials
Anyone studying for the EIS Diploma will receive a
comprehensive study manual with useful summaries to aid
understanding, plus practice examples, many of which are in
the multiple choice format that will be seen in the final exam.
The manual is divided into five chapters and is expected
to require ten hours of study time. The chapters cover:
Introduction to EIS
Introduction to the UK taxes income tax; capital gains
tax (CGT) and inheritance tax (IHT)
The tax reliefs income tax/CGT/IHT and loss relief for
both EIS and SEIS
EIS funds
Regulation on EIS investments
What Else?
Students also receive:
Access to the Tolley Online Academy, also available as
an app, which provides access to all study material, plus
audio-visual lectures and student forums
Full support from the experienced tutorial team
Access to the Tolley Online Exam Centre for all the EIS
Diploma and mock exams. The mock is representative
of the final exam testing environment providing ample
familiarity and practice to aid a first time pass
Upon passing, an EIS Diploma certificate accredited by
the EISA
15 hours of CPD
Testimonial
The first candidate to obtain an EIS Diploma was a
financial planner specialising in EIS. His comments?
The diploma is very relevant to my work and provides
an external reference point. Having a benchmark and the
opportunity to widen your skills are always useful. That
all made studying for the Tolley EIS Diploma attractive. By
gaining the Tolley EIS Diploma I believe advisers will become
more confident in explaining this type of financial planning to
their clients, and it could prove a good business opportunity
by building up their high net-worth client base.
Cost and Discounts

The EISA Diploma Course costs 335 (including VAT).
This includes the 50 registration fee, examination fee and
EISA accreditation. A discount is available for groups of
more than 10 people from a single firm who register at the
same time. The discounted rate is 280 (including VAT).
This includes the 50 registration fee, examination fee and
EISA accreditation.
Successful candidates are invited to apply for EISA
Affiliate status for an annual fee of 100.
About EISA
The EISA is the trade body for the EIS and SEIS industry.
Its members are the EIS and SEIS funds as well as lawyers,
accountants and corporate financiers who advise both the
companies seeking investment and the investors.
The EISA maintains close relationships with the Treasury
and HMRC and the FCA to ensure that the EIS and SEIS
reliefs work effectively to support small and growing
businesses. EISA Affiliate benefits include updates on
the Associations Spring and Technical Seminars, and
notifications of any changes to regulation or legislation
which happen during the year.
As part of an ongoing remit to encourage and recognise
excellence and professionalism in the industry, the EISA also
recently re-launched the highly prized EIS and SEIS Awards,
which are judged by independent outside judges against set
criteria.
The EISA has also launched a new initiative aimed at
younger professionals in the industry, Green Shoots, which
provides networking opportunities and encourages greater
links with entrepreneurial companies seeking investment.
For more information on studying for the EIS Diploma
please visit tolley.co.uk/eisdiploma, email examtraining@
lexisnexis.co.uk or call 020 3364 4500.
For more details on the EISA, the Tax Reliefs and the
Diploma, please visit the EISA website: www.eisa.org.uk or
email: info@eisa.org.uk
23
New X-Wind Offering

and Peto Progress
Mackinnon has announced a new offering for its
X-Wind project and progress for its current operation
with Peto, a marketplace for the public sector that is
working with Barts Health.
About Mackinnons
Established in 1997 by Iain Mackinnon, Mackinnons
specialises in corporate finance advisory, wealth
management and merchant banking with particular
expertise is the renewable energy and health sectors.
X-Wind
X-Wind has developed a ground-breaking Vertical Axis
Wind Turbine aimed at the medium scale renewable energy
sector, says Mackinnon. The team has drawn on its extensive
experience gained developing the worlds largest wind
turbines at Dutch-company Vestas. Since its launch in 2012
X-Winds core patented technology has won five high-profile
technology awards.
X-Winds visible sales pipeline exceeds 40 million
and the company is currently securing commercial
commitments for its 80kW turbines from customers in need
to secure energy pricing and supply, including securing a
partnership with the UKs largest electricity user. To date
24
X-Wind has raised 1.7 million in grants and 300.000

of equity. X-Wind currently requires 2 million of equity
funding to complete the production of its first full-scale
80kW turbine.
Barts Health Open Offering

Mackinnon is working with portfolio company Peto
Limited, which aims to bring transparency to staff
procurement through its public sector marketplace.
Peto was appointed in September 2014 to support the
Barts Health in the delivery of savings from the off-contract
spend of around 38 million per year. Five months into
service delivery the Peto team, are achieving 12% realised
savings against a target of 4% on prior spend.
Mackinnon said this is a strong result and is reinforced by
huge opportunity to increase the scope of the throughput
which has been lower than forecast to date.
Peto chief operating officer Mike Holdcroft said: We are
thrilled with results we are achieving at Barts and look
forward to collaborating with the team to achieve even
greater savings in the future.
Details from
Tom Death td@ifmackinnon.co.uk
www.flickr.com/photos/archer10/4980285566
Adding Value Through

Effective IHT Planning
With rising property prices, inheritance tax (IHT) is
a problem that is no longer just affecting millionaires
but most of middle England; so whats the best way to
mitigate it.
In 2014/15 HM Revenue & Customs collected IHT receipts
of 3.8 billion, up 11.6% on previous years. This figure is
set to rise as the current nil rate band (NRB) threshold of
325,000 has been frozen until 2018 while Nationwide is
reported an 11% rise in house prices in the year to August
2014, and the soaring property market shows no signs of
abating thanks to a number of government initiatives to get
people on and up the property ladder.
While a rising house price may be a comforting thought,
when it comes to estate planning it can be a hindrance as
more families find themselves passing on an IHT bill to their
loved ones.
So, what can people do to mitigate the cost of IHT for
their families? There are a number of options and they have
typically been used in the following order: gifting, whole
of life insurance, loan trusts, discretionary gift trusts and
business property relief (BPR).
Access
Speed
Time Investment traffic light system

reveals the multiple benefits of
utilising business property relief
when reducing an estate
You can see from the following traffic light chart that each
method has its own pros and cons, but BPR which has
considerably more positives is often used as a last resort
after more traditional methods of reducing an estate.
Simple
Control
Cost
Gifting
WOL
Loan Trust
DGT
BPR
25
Adding Value Through Effective IHT Planning
What is BPR?
BPR was introduced in 1976 to allow owners of small
businesses to pass business assets to beneficiaries without
paying IHT.
It works by reducing the value upon transfer of certain
types of qualifying assets by 100% after a two-year period
of ownership. The two year clock can be completed
between spouses or civil partners.
BPR is available for lifetime transfers or for relevant
business property included in an individuals estate on death.
Where is the money invested?
In order to qualify for BPR assets are invested in a
number of assets. For example, Time Investments put
money into solar energy, wind energy, secured property
lending and self storage. The managers target predictable,
asset-backed income generating assets on a minimum
investment of 25,000.
Time Investments aims for an uncapped target return
of 3.5% and focuses on capital preservation. There is an
independent custodian to hold investors money and assets
and an independent advisory committee.
Charges are partially waived on death within the first
two years.
Asset Growers
Who can benefit from BPR?

BPR solutions are suitable for a number of clients which
Time Investments categorises as asset growers, asset rich
and asset givers.
What to consider when reviewing BPR?
There are a number of factors advisers need to consider
when choosing a BPR solution to suit a clients needs:
Liquidity
Underlying investments
Asset backing
Gearing
Providers track record
Fees
Asset Rich
Extacting profit from

a company
Power of Attorney
(POA)
New Discretionary Trusts
Preserving trading
status within a company
Capital gains pregnant

assests
Trusts for Life Tenants
Neutralising income tax
Sale of business of farm
Pension supplement
Large investment bonds
Free ISA
Elderly client ISA

portfolios
Deferring a Capital Gain
26
Asset Givers
ETF Masterclass for Advisers
An Adviser Seminar on ETFs from IFA Magazine and EIS Magazine.

Opportunity for advisers to get face-to-face access with some of the
leading tax efficient investment managers in ETFs.
Tuesday 30th June 2015

London. The Capital Club
This extended seminar will examine the basic features of the exchange traded funds
market and will discuss the choices and strategies available to advisers when selecting funds on behalf of clients. Essential knowledge!
Registration is free - Full details at http://tinyurl.com/pnqekyy
Open Offers
EIS
Open
Now
Close
31/12/2015*
Amount to be Raised: 4m
Investment Key:
EIS
SEIS
VCT
SITR
IHT
BPR
The Wine Enterprise Investment Scheme Limited

An asset-backed investment combining the asset class of fine wine and its distinctive
investment characteristics with the tax advantages of EIS. The Company has been
successfully trading fine wines since 2012 and, since already trading as an EIS, can
issue EIS3s promptly.
The investment team, with 60+ years combined wine investment track-record, has a
proven, disciplined trading methodology, is fully independent and contains a unique
blend of wine market knowledge, financial market background and analytical ability.
Wine stocks are bought and sold through counterparties worldwide, are stored in UK
government bonded warehousing and are insured at replacement value.
T. +44 020 7478 0901

E. adc@wineinvestmentfund.com
www.wine-eis.com
EIS
Open
Close
Now
Evergreen
Minimum Investment: 20,000
The market is currently well below trend and its long run tendency to outperform
more traditional asset classes remains unchanged. Fine wine as an asset class has
outperformed equities, gold and oil over the last 21 years, with lower volatility,
therefore also offering risk reducing portfolio diversification.
*Closing rounds 30 June, 30 September, 31 December 2015
Minimum investment 10,000 and 3% available to intermediaries.
Kuber Ventures
Kuber Ventures Multi Manager Platform
Kuber Ventures Multi-Manager EIS Platform, has a range of portfolios which are
each diversified across a number of fund managers. Through a single application
and depending on the portfolio selected, our portfolios allow investors to create a
diversified spread of up to 40 qualifying EIS investments.
Investors may select individual funds or choose to achieve further diversification
by investing in one of the Kuber portfolios available.
T. 020 7952 6685

E. info@kuber.uk.com
www.kuberventures.co.uk
EIS
Open
06/04/2015
Close
30/09/2015
Amount to be Raised: 15m
Seed EIS strategy (fund of two funds)

Media strategy (fund of five funds)
Long term investment strategy (fund of 5 funds)
Asset focused strategy (fund of 6 funds)
Seed and early stage growth strategy (fund of 3 funds)
Mature growth strategy (fund of 4 funds)
Diversified growth strategy(fund of 7 funds)
Enterprise Investment Partners The Imbiba Leisure EIS Fund

The Imbiba Leisure EIS Fund is the latest investment opportunity from the highly
regarded and award winning Imbiba team. The second tranche is now open and
will be investing in Wright & Bell and up to three further bar/restaurant concepts.
Wright & Bell marks the return to the City of the Imbiba team following their highly
successful exit from Drake & Morgan two years ago, which delivered a return to
investors of 5.7 x cash (before tax relief), and for which they won the prestigious
Best Exit award from the EIS Association in February 2014.
The Imbiba team has a long and successful track record of launching and developing
businesses in the leisure and hospitality sectors, successfully generating significant
returns to their previous investors.
T. 020 7487 8282

E. mlenzie@enterprise-ip.com
www.enterprise-ip.com
28
Offer details:
Significant investment of up to 200.000 per investee company from both the
Imbiba team and Enterprise (EIP)
Maximum subscription is 25m of which over 5m has been raised already
Target base case return: 2.34 for each net 70p invested which is an IRR of 33%
Industry leading management performance hurdle rate of 1.50 per 1 invested
Open Offers
Peto - One To Watch

Peto reports 12% savings at Barts Health
Peto was appointed in September 2014 to support the Trust in the delivery of
savings from the off-contract spend of around 38million per year.
EIS
Open
Close
TBC
TBC
Amount to be Raised: TBC
Five months into service delivery the Peto team, are achieving 12% realised
savings against a target of 4% on prior spend. This is a strong result, reinforced
by huge opportunity to increase the scope of the throughput which has
been lower than forecast to date. Peto has been working with Barts Health
procurement team, budget holders, and the Peto marketplace, peto.co.uk.
About Peto
Active in over 200 NHS trusts, Peto connects public sector buyers and private
sector sellers via an easy-to-use online marketplace, and where necessary, with
additional resources to reduce spend via its insourcing procurement service.
Octopus Eureka Enterprise Investment Scheme Portfolio Service

Octopus Eureka EIS is a discretionary managed portfolio that aims to provide
investors with a broad range of tax benefits by investing in EIS-qualifying early stage
UK companies. The diverse portfolio of companies, across a range of industries and
sectors, offers the potential for higher investment returns over the long-term (more
than five years) when compared with portfolios of FTSE 100 companies.
T. 01983 282925
E. td@ifmackinnon.co.uk
www.peto.co.uk
EIS
Open
Close
Evergreen
Evergreen
Amount to be Raised: Unlimited
A unique investment approach: Octopus Eureka EIS clients typically hold a portfolio
of at least 15 EIS-qualifying companies. These may be either unquoted companies or
companies that are already listed on the Alternative Investment Market (AIM), part of
the London Stock Exchange.
Investments in unquoted companies are managed by the Ventures team at Octopus,
which specialises in investing in fast-growing unlisted companies. The Ventures team
includes investment professionals from a wide variety of backgrounds, including
former entrepreneurs, professionals, academics and industry experts.
Investments in companies listed on AIM are managed by the Octopus Smaller

Companies team. They look after AIM mandates worth more than 620 million, across
a range of Octopus products.
Rockpools EIS Portfolio Service

Rockpools EIS Portfolio Service offers an alternative to traditional EIS funds.
Rockpool creates direct private company investment opportunities for its
network of members which includes hundreds of successful entrepreneurs
and professionals from a wide range of business sectors. Deals created for the
network are also open to a wider audience of investors through Rockpools EIS
Portfolio Service.
T. 0800 316 2067

E.salessupport@octopusinvestments.com
www.octopusinvestments.com/eis
EIS
Open
Now
Close
Evergreen
Minimum Subscription: 10,000
Rockpool targets companies which are profitable or have significant asset

backing. Asset backed sectors include crematorium operation, electricity
generation, construction project delivery, managed storage services and
childrens nurseries.
Rockpools model offers full transparency and control with meet the
management sessions, regular updates, investment reviews and an on-line portal.
There are two ways to access the service:
Self-select - the investor selects which companies to invest in with a minimum of 10,000
per company
Discretionary service Rockpool selects the companies to match the investment strategy of the
investor. Minimum investment of 10,000 which will be spread across a number of companies.
T. 0207 015 2150

E. team@rockpool.uk.com
www.rockpool.uk.com
29
Open Offers
EIS
Open
Close
Evergreen
Evergreen
Amount to be Raised: No Max

Min Investment: 25,000
T. 01865 860760
E. investment@oxcp.com
www.oxcp.com
EIS
Open
Close
Evergreen
Evergreen

T. 01865 860760
www.oxcp.com
EIS
Open
Now
Close
Evergreen
T. 0131 556 0044

E. info@parequity.com
www.parequity.com
30
Oxford Capital Infrastructure EIS

Through the Oxford Capital Infrastructure EIS, investors can benefit from EIS tax
advantages including 30% income tax relief and tax-free gains, by acquiring shares in
one or more EIS-qualifying companies that own and operate infrastructure assets.
Oxford Capital aims to invest in companies capable of generating stable revenues

through long-term contracts, producing returns of 1.10-1.15 per 1 invested (net of
applicable fees and not including the impact of EIS income tax relief).
Shares are normally purchased for the investor within four to six weeks of submission
of their subscription. EIS3 certificates are available on average 12 months after
purchase of shares. Oxford Capital will aim to sell the shares to a strategic acquirer
and return capital to investors after the fourth year of the investment.
Oxford Capital Growth EIS

Through the Oxford Capital Growth EIS, investors can build a portfolio of shares in six
to ten small or medium-sized British companies over a period of roughly 12 months.
Each investment should be eligible for EIS reliefs, including 30% income tax relief and
tax-free gains. Investee companies could be operating in a wide range of industries
past investments have spanned sectors from digital marketing to sustainable
agriculture but they will all be businesses that have potential to grow rapidly.
Oxford Capital works closely with the investee companies, helping to accelerate
commercial development with the aim of achieving a profitable exit, usually through
either a trade sale or a stock market listing. The Oxford Capital Growth EIS targets a
return of 2.5x the amount invested (net of applicable fees and including the impact of
EIS income tax relief), aiming to return the majority of proceeds four to six years after
initial investment.
Par Syndicate EIS Fund

The Par Syndicate EIS Fund is an evergreen EIS fund, unapproved by HMRC,
investing in innovative high growth potential companies with a view to
generating capital gains. The fund, managed by Par Fund Management Limited,
made its first investment in December 2012. The funds mandate is to invest
alongside (and on the same terms as) business angel syndicates, and usually,
but not exclusively, co-invests with the Par Syndicate, a leading business angel
syndicate that has been investing since 2009.
To date, 1 million has been invested in eleven companies through the fund, as
part of overall funding into these companies of over 10 million. The strong flow
of investment opportunities arising from close collaboration with business angel
groups is evidenced by the fact that the fund made six new investments in the
last tax year.
The fund may be promoted to retail investors under COBS 4.7.
Open Offers
Triple Point EIS Service

The Triple Point EIS service targets investments across a range of sectors
including infrastructure and construction.
The investment strategy has been shaped by our extensive and successful
experience managing EIS qualifying investments, where we adopt a cautious and
meticulous approach to managing investors capital without losing the ability to
capture growth opportunities.
This enables the service to target returns in excess of 10% per annum, taking
into account the initial income tax relief received by investors, and to target
transparent exit strategies which are designed to facilitate an exit for investors
after three years.
Deepbridge - Technology Growth EIS

The Deepbridge Technology Growth EIS represents an opportunity for investors
to participate in a portfolio of actively-managed growth-stage technology
companies, taking advantage of the potential tax benefits available under
the EIS. The Deepbridge Technology Growth EIS is a diversified portfolio of
actively managed high-growth companies seeking commercialisation funding.
The Deepbridge EIS invests in companies that have a proven technology, clear
intellectual property and are operating in a high growth/high value market sector.
The Fund is focused on investing in high growth companies that are seeking to
commercialise and expand, specifically in three sectors:
Energy & resource innovation; including waste water treatment and conservation, advanced
materials and renewable energy generation technologies;
Medical technology; such as medical and surgical instrumentation, devices and diagnostics;
IT-based technology; particularly Enterprise Application Software and Software as a Service.
The target return for the Deepbridge Technology Growth EIS 22.9% p.a. over a minimum of
three years; representing mid-case capital growth of 160p returned for every 100p
invested. To ensure maximum tax efficiency for the investor, the Deepbridge EIS is entirely
investor-fee free at point of investment.
MMC Ventures - EIS Fund

The MMC Ventures EIS Fund offers investors exposure to a portfolio of hard-toaccess, fast growing private companies, combing real capital upside potential
with generous EIS tax reliefs.
Founded in 2000, MMC is regularly rated as one of the top 5 most active venture
investors in the UK, investing circa 20 million per annum in a combination of
new deals and follow-on capital for existing portfolio companies. An investor in
the MMC EIS Fund can expect a portfolio of eight to ten companies within twelve
to fifteen months of subscribing. The MMC EIS Fund is categorised as a generalist
product but has a clear investment focus on technology-enabled sectors where
the UK is a world leader - particularly financial and business services, business
software, digital media and e-commerce. MMCs fundamental approach is to
invest on the commercial merits of each transaction, viewing the EIS tax benefits
as highly desirable but not the reason to invest. This approach is reinforced by
their policy of co-investing their EIS Fund alongside other funds they manage
that do not qualify for EIS tax relief.
EIS
Open
Close
Now
Evergreen

T. 020 7201 8990

E. contact@triplepoint.co.uk
www.triplepoint.co.uk
EIS
Open
Close
01/08/2013
N/A
T. 01244 893182
www.deepbridgecapital.com
EIS
Open
Now
Close
Evergreen
Minimum investment: 25,000
T. 020 7361 0212

E. fundenquiries@mmcventures.com
www.mmcventures.com
31
Open Offers
EIS
Open
Close
Now
Evergreen
Blackfinch EIS Portfolios

The Blackfinch Media EIS Portfolios allows investors to access the attractive
tax benefits of EIS by investing into qualifying media companies. Our portfolio
companies target capital preservation through their predictable income streams
underpinned by intellectual property or high levels of contracted revenue.
The Music Publishing companies will create original music scores for films and
television programmes which benefit from predictable long-term royalty streams.
The Television Distribution companies will fund the production of television
programmes where the majority of revenues are known and contracted in advance.
T. 01684 571255
E. comms@blackfinch.co.uk
www.blackfinch.co.uk
EIS
Open
Close
06/04/2015
28/08/2015
Target returns of 1.20 for each pound invested (Ignoring tax reliefs).
Investments based on fixed rate and pre-contracted revenue streams in a well
established industry.
Predictable returns enable portfolio companies to capture, sell or refinance
their revenues providing an expected exit strategy for investors.
Investor can benefit from the 30% income tax relief, CGT deferral &
tax-free gains.
INGENIOUS SHELLEY MEDIA 2015/16

We are delighted to present Shelley Media 2015/16, providing clients with the
opportunity to invest in a portfolio of companies developing and producing
independent films and television programmes.
The Shelley Media service has gone from strength to strength since its launch
a little over five years ago, gaining significant traction in the market. With an
aggregate fundraise to date now exceeding 200 million, our investee companies
production slates glitter with the names of Oscar winners and nominees, both
home grown and international. Blue-chip production and distribution partners
include Film4, StudioCanal, Lionsgate, BBC Films, Sony Pictures and Warner Bros.
T. 020 7319 4291
E. hello@theingeniousgroup.co.uk
www.theingeniousgroup.co.uk
EIS
Open
01/01/2015
Close
TBC
Amount to be Raised: 2,000,000
T. 01983 282925
E. td@ifmackinnon.co.uk
www.x-windpower.co.uk
32
Our industry experience, combined with our unparalleled professional financial,

legal and administrative infrastructure, has ensured that investors to date have
been rewarded with an average annual return of 11.5%, all delivered in a consistent
and timely manner. Please note that past performance is not a guide to future
performance, your capital is at risk and you may get back less than you invested.
X-Wind Power
X-Wind has developed a ground-breaking Vertical Axis Wind Turbine aimed at
the medium scale renewable energy sector. The team has drawn on its extensive
experience gained developing the worlds largest wind turbines at Vestas. Since
its launch in 2012 X-Winds core patented technology has won five high-profile
technology awards.
X-Wind visible sales pipeline exceeds 40 million. The company is also securing
commercial commitments for its 80kW turbines from customers in need to
secure energy pricing and supply. X-Wind has secured a partnership with the
UKs largest electricity user. To date X-Wind has raised 1.7 million in grants and
300,000 of equity. X-Wind currently requires 2 million of equity funding to
complete the production of their first full-scale 80kW turbine.
4 EXCITING EIS / SEIS OPPORTUNITIES

BROUGHT TO YOU BY INNVOTEC
Anglo Scientific EIS 2015
The seventh annual EIS Fund from the Innvotec / Anglo Scientific collaboration provides further opportunity for
private investors to invest behind the well regarded, specialist and dedicated team of technology entrepreneurs that is
Anglo Scientific, under a discretionary management agreement with Innvotec, one of the UKs longest established VCs
backingangloscientific
opportunities in the broad technology sector.
C R E A TING SOLU TIONS
Anglo Scientific has built a portfolio, all EIS qualifying, of highly promising tech-enabled companies and Anglo Scientific
2015 EIS, like the predecessor funds, provides the opportunity to invest in five or six of these companies.
Performance across the earlier funds is impressive, an average gain on portfolio cost of 77% equating to a notional IRR
across all Funds of 19%, with no fund being valued below cost.
Startup Funding Club SEIS 2015

The second annual SEIS Fund from the Innvotec / Startup Funding Club collaboration, the first having been deployed
across a well-diversified, fifteen company portfolio.
Startup Funding Club is one of the most successful boutiques working with companies seeking seed and early-stage
finance, especially those companies that own proprietary intellectual property (IP) capable of being exploited globally
and whose founders possess the stamina and knowhow to meet the challenge.
The Startup Funding Clubs network ensures that opportunities are sourced from many of the UKs best regarded
incubators and accelerators. Whilst the portfolio will have a technology-bias, it will also include product based
companies and those in the food sector.
Integral to the success of the Fund is a mentoring programme in support of the entrepreneurs.
Odyssey Mission SEIS 2015

UK based private investors have a novel opportunity to invest in the Innvotec-managed Odyssey Mission 2015 SEIS
Fund, a portfolio of early stage businesses led by Asian Entrepreneurs. Investors have the prospect of strong capital
appreciation whilst helping an affinity group and obtaining attractive personal tax reliefs in so doing.
The Fund is geared to providing start-up /early stage funding and mentoring support to the best of the next
generation of Asian graduate entrepreneur that wish to build their businesses in the entrepreneurial-friendly United
Kingdom, some of whom will require a Tier 1 graduate entrepreneur visa so to do.
The Odyssey Mission itself is a big project of which the SEIS Fund is the startpoint.
OION SEIS 2015
2015
SEIS
FUND
The OION 2015 SEIS Fund is an Innvotec-managed growth fund, providing private investors with an opportunity to
invest in a portfolio of early stage businesses located in Oxfordshire and its surrounds, whilst offering the prospect of
strong capital appreciation and at the same time accessing attractive personal tax reliefs.
The companies that will form the OION 2015 SEIS Fund will use the proceeds of investment to advance them on
their business growth curve and it is at these earliest stages of commercial exploitation that there is the potential to
generate significant capital appreciation.
The Fund benefits from the participation of Oxford Investment Opportunities Network (OION) in generating quality
dealflow and the provision of mentors to support the entrepreneurs.
For full details on any of the above EIS / SEIS Funds or any other information please contact Innvotec on:
Tel: +44 (0) 20 7630 6990
Email: info@innvotec.co.uk
Web: www.innvotec.co.uk
Issued and approved by Innvotec Limited, Business Design Centre, Suite 310, 52 Upper Street, Islington, London, N1 0QH
Innvotec Limited is a registered company in England & Wales. Registration Number: 2030086
Innvotec Limited is Authorised and regulated by the Financial Conduct Authority.
VA0115
EIS
Open
January 2014
Close
Quarterly
Remaining Capacity 6/26m
T. 020 7408 4070

E. info@pumainvestments.co.uk
www.pumainvestments.co.uk
SEIS
EIS
Open
Close
01/11/2012
N/A

T. 01865 784 466

E. lucius@oxfordtechnology.com
www.oxfordtechnology.com
SEIS
Open
Now
Close
Evergreen
PUMA INVESTMENTS - PUMA EIS

Puma EIS employs an investment strategy similar to that successfully deployed
by the Puma VCTs and aims to provide investors with downside protection in
a carefully managed portfolio. Building on Pumas established track record in
tax efficient investments, Puma EIS targets asset-backed businesses aiming to
provide downside protection for investors through a portfolio exposure to HMRC
pre-approved companies.
Successful Deployment: Puma EIS was the largest fundraise of any new EIS
strategy seeking lower risk launched in 2013/14 tax year. All funds raised were
successfully deployed into companies with HMRC Advanced Assurance before
the end of the tax year end. Allotment Dates: The discretionary management
service has no fixed closing date. Puma EIS intends to make quarterly allotments
with an allotment shortly in advance of the tax year each year. Strong Track
Record: Building on the market leading track record of the Puma VCTs which
operate a similar asset-backed investment strategy. Realisations: It is envisaged
that investments in Qualifying Companies will be realised within 3 to 5 years.
Investment Size: Minimum subscription is 25,000 with no upper limit.
The Oxford Technology SEIS/EIS Fund

The Oxford Technology OT(S)EIS Fund specialises in investing in start up science
and technology companies near Oxford, a field in which Oxford Technology has
had over 30 years of experience.
The fund, which remains open for investment at any time, made its first
investments in 2012, and has made 26 investments in 14 companies to date.
The early results are encouraging with the best multiples of value (fair value
of investment today/net cost of investment) are 15, 8 and 6. Only two of the
investments to date have a multiple of less than 1 (0.9 and 0.4)
Full details of all the investments to date can be seen by downloading the
quarterly report to 31 Mar 2015 from www.oxfordtechnology.com. An
information Memorandum and application form may also be downloaded.
The SEIS scheme transforms the economics of investing in high-risk technology

start-ups. The losses on those that fail are largely recovered against tax. The
gains on those which succeed can be substantial and are all tax free.
UP Business Accelerator SEIS and EIS Fund

UP Business Accelerators are sited in Edinburgh and Manchester, home to
two of the UKs strongest universities in Informatics. Focused on techmedia
propositions, the UP Accelerator puts early stage companies through an
intensive programme aimed at significantly shortening the time taken to achieve
commercial traction. The fund, managed by Par Fund Management Limited,
provides acceleration capital to a carefully selected group of companies from
each cohort.
The fund may be promoted to retail investors under COBS 4.7.
T. 0131 556 0044

E. info@parequity.com
www.parequity.com
34
Blackfinch SEIS Music Portfolios

The Blackfinch SEIS Portfolios allow you to access tax benefits and participate
directly in the success of a portfolio of recording artists supported by the major
record labels. Our SEIS companies will fund the recording and marketing of
albums from existing music artists.

A unique opportunity to participate directly in the success of music albums

backed my Major labels.
Investors benefit from all revenues from the master recording of each album
in first position including album and single sales, digital downloads (itunes)
and radio/TV airplay.
A simple one-shot investment that does not require follow-on funding.
Investors can benefit from 50% income tax relief, 50% capital gains tax
relief, 100% inheritance tax relief and loss relief.
For more information please contact our intermediary team on 01684 571255
Amati VCTs Top Up Offers 2015/2016

Amati Global Investors is a well-established manager of AIM-based VCTs. The
offers provide existing and new investors the opportunity to invest in one or both
of Amati VCT plc and Amati VCT 2 plc:
Investment into an existing portfolio of more than 60 companies in each VCT,
covering both high-growth and maturing businesses.
AIM based VCTs typically have a more diversified portfolio than other types of
VCT, and are likely to be invested in larger, more established companies, with
transparent market pricing and reasonable liquidity.
Tax free dividends, targeted at 5-6% of year-end NAV (subject to the
availability of liquidity and eligible distributable reserves).
Minimum subscription 3,000 or 2,500 per VCT if applying for both Offers
Management fee of 1.75%, and no performance fees
Rockpools SITR Portfolio Service

Social Investment Tax Relief (SITR) is a new HMRC approved tax relief with many
similarities to the EIS.
SEIS
Open
Close
Now
Evergreen
T. 01684 571255
VCT
Open
Now
Close
10/07/2015
Remaining Capacity: 7.6m/9.5m
T. 0131 503 9100

E. info@amatiglobal.com
www.amatiglobal.com
SITR
Open
TBC
Close
Evergreen
This new relief has one striking difference: lending is permitted under Social
Investment Tax Relief rules. This makes it possible to control risk more tightly
and achieve greater certainty of liquidity than for a typical EIS investment.
Rockpools new SITR Portfolio Service will offer shares and loan investments in
companies that qualify for Social Investment Tax Relief.
There will be a minimum investment of 10,000.
Rockpools model offers full transparency and control with meet the
management sessions, regular updates, investment reviews and an on-line portal.
T. 0207 015 2150

www.rockpool.uk.com
35
Open Offers
IHT
Open
Close
June 2013
Monthly
T. 020 7408 4070

IHT
Open
October 2014
Close
Open Ended
PUMA INVESTMENTS - PUMA Heritage

Puma Heritages core focus is on secured lending. Its primary objectives are
to preserve capital and mitigate risk. Strategy: Conservative trading strategy
focused on secured lending. Flexibility: Choice of income or growth shares and
ability to switch between them. Directors: Three experienced Directors bringing
a multi-disciplinary approach.
Experienced Adviser: Puma Heritage has appointed Puma Investments as its
trading adviser. Aligned Interests: The interests of Puma Investments (the
trading adviser) and Shareholders are entirely aligned: Puma Investments will
not receive any performance fees and its annual advisory fees are only paid in
full if the minimum target annual return is paid in full. Liquidity: Twice yearly
opportunity to access capital (subject to terms set out in the Prospectus).
Subscription Amount: Minimum subscription of 25,000 with no maximum.
Inheritance Tax: It is intended that a subscription for shares in Puma Heritage
will benefit from relief from Inheritance Tax provided the shares have been held
for at least 2 years prior to and at the point of death.
PUMA INVESTMENTS - PUMA AIM INHERITANCE TAX SERVICE

Puma AIM Inheritance Tax Service is a discretionary service that seeks to
mitigate Inheritance Tax by investing in a carefully selected portfolio of AIM
shares. The Puma AIM Inheritance Tax Service is also available in ISAs.
Portfolio Service: A discretionary portfolio service that seeks to deliver long

term growth focusing on quality companies listed on AIM. Inheritance Tax: It
is intended that investors will benefit from relief from Inheritance Tax provided
investments are held for at least 2 years prior to and at the point of death.
Minimum subscription of 15,000 with no maximum.
T. 020 7408 4070
IHT
Open
Now
Close
Evergreen
Available in ISAs: Whilst ISAs are extremely tax efficient during the holders
lifetime, upon death ISA balances may be subject to a 40% IHT liability. Investing
in a portfolio of qualifying AIM stocks allows holders to mitigate Inheritance Tax
while still retaining the benefits of an ISA. ISA Transfers can be accepted from
existing providers as well as new investments.
Rockpools Managed Inheritance Service

Rockpools Managed Inheritance Service is designed to deliver 100% exemption
from inheritance tax after two years.
Investment through the Rockpools Managed Inheritance Service will be made in

unquoted shares in specialist lending companies who provide loans to corporate
borrowers.
Our objective is to deliver a 5% net annual return with low risk to capital and the
flexibility to take income or accumulate gains. The service has a simple, low cost
transparent structure.
T. 0207 015 2150
www.rockpool.uk.com
36
Rockpools Managed Inheritance Service facilitates adviser charges or

introducer fees.
Open Offers
Triple Point Navigator Service

Targeting Capital Growth
Navigator is an investment management service that arranges investments into
companies providing targeted business funding.
Typically this funding is used by small and medium sized enterprises to acquire
assets which are critical to the continued success of their operations.
IHT
Open
Close
Now
Evergreen

Navigator provides an ideal opportunity for investors seeking attractive riskadjusted returns and Business Property Relief by providing access to companies
participating directly in helping to bridge the funding gap.
Navigator aims to deliver to investors returns of 3 - 7% per annum, after all fees
and charges.
Triple Point Generations Service

Targeting Capital Security
The Generations Service is an investment management service which provides
a strategy offering investors a high degree of capital security and liquidity, while
targeting returns which are comparable to asset classes such as cash deposits
and bonds.
T. 020 7201 8990

IHT
Open
Close
Now
Evergreen

To deliver this, it targets a broad spread of leases and infrastructure financing

arrangements principally with public sector organisations and good
quality companies.
These arrangements provide for specific receipts on specific dates over a period
of years, providing capital security, liquidity and the potential for steady returns.
They rely on a simple, transparent business model with controlled risk allowing
investors to access Business Property Relief.
The Generations Service targets Cash Plus returns.
Amati AIM IHT Portfolio Service

Amati Global Investors offers a discretionary managed AIM portfolio service which
advisers can access for their clients via the Transact platform. The portfolio service is
tax efficient when held through an ISA wrapper.
The portfolio is made up of profitable companies which fit into one of four categories:
owner-managed; family businesses with well-built brands; established technology
companies; and special situations with attractive yields. The client portfolios are
managed to a single model, hence all clients will hold the same portfolio of holdings
with broadly the same weightings.
T. 020 7201 8990

IHT
Open
Now
Close
Evergreen
Amount to be Raised: No Specified Limit
The management fee is 1% plus VAT on portfolio value, paid quarterly in arrears,
deducted from the clients account, with no initial or exit charges made by the manager.
Key Features
Minimum investment 50,000
Shareholdings expected to qualify for 100% IHT relief after 2 years
Can be held in an ISA
T. 0131 503 9100

E. info@amatiglobal.com
www.amatiglobal.com
37
Open Offers
IHT
Open
Close
Evergreen
Evergreen
Stellar Asset Management Stellar Succession

Stellar Succession utilises Business Property Relief to provide 100% exemption from
IHT after just two years while enabling clients to keep control and ownership of capital.
Each client becomes a sole shareholder of their own bespoke private limited trading
company, which allocates capital to diversified portfolio of asset backed, Business
Property Relief qualifying trading activities including forestry, farming, bridging
finance, hotels and renewable energy.
T. 020 3195 3500

E. info@stellar-am.com
www.stellar-am.com
IHT
Open
Close
Evergreen
Evergreen
Key Benefits:
100% relief from IHT after only two years
Complete control and full access to capital
Diversified and non-correlated
Asset backed
We offer a unique, but optional insurance policy across our range of IHT products
to protect investors from any future loss of value. The policy provides investors and
advisers with peace of mind and ensures beneficiaries always receive the original
amount invested as a minimum.
Stellar Asset Management Stellar AIM IHT Portfolios

Stellar AIM IHT Portfolios provides investors a discretionary managed, diversified
portfolio of AIM listed companies with the option of a unique insurance policy to
protect investors from any future loss of value.
Key Benefits:
This service is suitable for those who wish to transfer existing stocks and shares or
have cash holdings to invest into a portfolio of AIM listed shares which qualify for
Business Relief.
T. 020 3195 3500
www.stellar-am.com
IHT
Open
Evergreen
Close
Evergreen
The investment strategy exercises a well-diversified, disciplined stock selection policy

which focuses on long-term capital growth and risk mitigation.
We offer a unique, but optional insurance policy across our range of IHT products to
protect investors from any future loss of value. The policy provides investors and advisers
with peace of mind & ensures beneficiaries always receive the original amount invested.
Stellar Asset Management Stellar AIM IHT ISA

Stellar AIM IHT ISA provides clients with a diversified portfolio of AIM listed
companies in a tax free ISA wrapper with the option of a unique insurance policy to
protect investors from any future loss of value. Our AIM ISA is one of the most taxefficient investment opportunities available on the market.
Key Benefits:
Easy access & liquidity
This service is suitable for both those who wish to make their new ISA savings and
current ISA holdings IHT efficient.
T. 020 3195 3500
www.stellar-am.com
38
The investment strategy exercises a well-diversified, disciplined stock selection policy

which focuses on long-term capital growth and risk mitigation.
We offer a unique, but optional, insurance policy across our IHT products to protect
investors from any future loss of value.
Open Offers
Blackfinch IHT Portfolios

Blackfinch provides tax-efficient investment solutions that are transparent
and compelling. Our services provide real solutions to real financial planning
challenges faced by individuals today.
IHT
Open
Close
Now
Evergreen
Blackfinch IHT portfolios are designed to mitigate Inheritance Tax (IHT) after 2
years of investment into our companies that undertake asset-backed lending in
property development and renewable energy generation.
The Blackfinch approach:
Focused on capital preservation: Asset-backed investments in well
established sectors with predictable returns.
Targeting 4 - 7%: The investor has a greater participation in the return on
investment.
Transparency: A discretionary managed portfolio with clear valuation
methodologies for the underlying assets.
For more information please contact our intermediary team on 01684 571255
Fundamental Asset Management IHT Planning Portfolios

Our dedicated AIM portfolios have been producing outstanding results for more than
10 years, significantly outperforming the FTSE100 and other major UK stock
market indices*.
T. 01684 571255
IHT
BPR
Open
Close
N/A
N/A
Minimum Invesmtent: 50,000
Your clients portfolio will reflect their investment aims by investing in AIM
companies that have demonstrable earnings and dividend yield.
By investing in AIM-quoted companies that qualify for Business Property Relief, our
portfolio service can help your clients obtain 100% relief from Inheritance Tax in the UK.
AIM shares can also be held within an ISA, making this proven, effective and
straightforward tax planning method one of the most attractive tax-efficient
investments on the market.
The Fundamental IHT Portfolio service can also be accessed through the Elevate and
Transact platforms.
*Typical AIM portfolio managed by Fundamental Asset Management and held for longer than 5 years.
Oxford Capital Estate Planning Service

The Oxford Capital Estate Planning Service is an investment which, if held
for at least two years and still held at death, can be used to shelter part of an
individuals estate from Inheritance Tax. The Estate Planning Service provides
a range of investment options, targeting capital growth of 3%-5% per annum.
Should their circumstances change, investors can request access to part or all of
their capital, by asking Oxford Capital to sell their underlying shares.
Investors in the Estate Planning Service will acquire shares in unquoted trading
companies. Managed by Oxford Capitals infrastructure investment team, these
trading companies will make equity investments in, and loans to, companies
which in turn will own and operate revenue-generating infrastructure assets,
such as renewable energy installations.
The investors shares should qualify as Business Property, and therefore be

eligible for 100% relief from Inheritance tax through Business Property Relief, if
held for the requisite period.
T. 01923 713890
E. sdrabwell@fundamentalasset.com
www.fundamentalasset.com
BPR
Open
Evergreen
Close
Evergreen

T. 01865 860760
www.oxcp.com
39
Open Offers
BPR
Open
Close
October 1996
N/A
TIME Investments TIME:Corporate Trading Companies

TIME:Corporate Trading Companies (TIME:CTC) is our bespoke Inheritance
Tax (IHT) solution for corporate investors, which boasts an impressive 19 year
track record of delivering IHT relief for investors. TIME:CTC is aimed at business
owners who have built up surplus cash in their business and could potentially
lose Business Property Relief. TIME:CTC focuses on capital preservation by
investing in asset backed businesses which qualify for Business Property Relief
(BPR). It targets an attractive 3.5% return and to date more than 500 of our
clients have already achieved BPR on their investments.
T. 020 7391 4747

E. questions@time-investments.com
www.time-investments.com
BPR
Open
Close
April 2013
N/A
TIME Investments TIME:Advance

TIME:Advance is aimed at individuals looking to reduce their Inheritance tax
(IHT) liabilities and offers 100% IHT relief in just two years, alongside a targeted
return of 3.5% per annum. Importantly clients retain access and control, so have
the option to withdraw a lump sum or set up regular withdrawals in the form
of an income. TIME:Advance focuses on capital preservation by investing in
asset backed businesses, with no debt which qualify for Business Property Relief
(BPR). The product is managed by an expert team, with a proven 19 year track
record of success in achieving BPR for investors.
T. 020 7391 4747

E. questions@time-investments.com
www.time-investments.com
ADVERTISE YOUR key tax

efficient investment offers
40
EIS
SEIS
VCT
SITR
IHT
BPR
EIS Magazine May/June 2015
Our print and online directory, calls attention to some of the key tax
efficient investment offerings available to IFAs. It is an opportunity for you
to highlight and bring your open offers to the attention of our readers.
Interested? Get in Touch
Richard Morris: richard.morris@ifamagazine com 0208 144 4010 07718 589058
Simon Broch: simon.broch@ifamagazine.com 0208 892 3534 07720 056 761
Making Hay Without

The Sun Shining
Where will investors and advisers look for safety now
that renewable energy is no longer a viable home for
EIS money? We talked to James Ramsey, EIS product
specialist at Puma Investments and a former financial
adviser, who warned investors to move fast this year.
Government price support and an increasing number of
successful solar exits meant that renewable energy was
yet again the top sector for EIS inflows last tax year. Whilst
there was movement toward anaerobic digestion and hydro
projects rather than more established solar and wind, the
appeal to investors was clear. The rule changes of 5th May
have pulled these out of the realm of the EIS though, so where
should investors and advisers look for EIS-qualifying capital
preservation now that renewables are no longer available?
One option is Puma EIS, a

discretionary investment service
from Puma Investments
One option is Puma EIS, a discretionary investment

service from Puma Investments. Puma is known for being
a traditionally lower-risk manager and has employed
asset-backed strategies since first entering the tax efficient
space in 2005. Puma EIS grew out of the class leading
series of Limited Life Puma VCTs and offers a similar capital
preservation mandate.
What are the issues this year facing advisers who

are looking to secure EIS tax reliefs for clients with
underlying capital preservation requirements?
The disqualification of the various renewable offerings is
the obvious gap in the market this year. With the majority
of advised investments being directed to renewable energy
projects last year advisers will need to do their strategy
selection research early this tax year as they will need to
understand the alternatives available and be comfortable
that they have appropriate capital preservation and risk
mitigation built into their strategies. If they dont get started
now, they might find that the limited options available have
filled up.
41
Making Hay Without The Sun Shining
In place of renewables there are a

number of options opening up
So theres a risk of a rush into the more established
strategies?
Absolutely. Renewables focused EIS and VCT products
took in around 386.7 million last year thats a lot of extra
demand to be swallowed up by the market. I can see several
product providers hitting their maximums much earlier in
the tax year than normally expected.
This is traditionally a quiet part of the year for advisers
recommending EIS, but is actually the ideal time to be lining
up your strategies, especially if you are working with those
product managers such as Puma who have a track record of
delivering EIS 3 certificates quickly these strategies will be
especially sought after in the marketplace.
So what capital preservation products are emerging

to replace renewables?
In place of renewables there are a number of options
opening up include, pre-contracted film and TV deals, ex-UK
solar project, and emergency electricity generator schemes.
At Puma Investments, our Puma EIS service is designed
to offer the protection of real-estate backing, whilst giving
investors exposure to the earnings of operating businesses
with excellent management, together with the full EIS
reliefs. We look for predictable revenue streams, solid
counterparties, the security of tangible assets and realistic
exit expectations. This is a simple evolution from the
strategy weve employed for our class-leading series of
Puma VCTs since 2005.
What are the other factors outside of strategy that
advisers should consider when selecting EIS investment?
There are a number of factors that advisers have to
consider when choosing which EIS schemes to invest their
clients into:
EIS 3 certificates: specifically how quickly a company can
produce the HMRC-certificates to prove the company and
investors qualify for tax reliefs.
Allotment timing: how quickly allotment of shares and
issue take place
Trading speed: how quickly can the company trade to
make the most of investments
Realistic exit expectations: while companies should
of course be aiming for investment growth, client
expectations should be realistic. EIS
42
The Multi-Manager EIS Platform

Kuber Ventures offers investors access to some of the most
innovative EIS investment opportunities, managed by leading Fund
Managers and all within a single platform.
Through a single applicatoin from, investors have access to a range
of 19 individual funds across 8 different strategies. The platform
provides consolidated online valuations, and a document repository
which stores all relevant documents including EIS3 certificates
Investors can choose from a range of EIS funds, creating a single
portfolio which is diversified across a number of Fund Managers and
underlying portfolio companies, offering targeted spread of between
15-40 companies in a typical portfolio.
For more information about Kuber Ventures and its range of EIS Portfolio Funds
www.kuberventures.com
Kuber Ventures Ltd [FRN 574987] is an Appointed Representative of Sturgeon Ventures LLP which are Authorised and Regulated by the Financial Services Authority.
+44 (0)20 7952 6685

info@ kuberventures.com
ADVERT-A5_Layout 1 09/03/2015 09:59 Page 1
Finely crafted investments
Amati VCTs Top Up Offers 2014/2015

and 2015/2016
Amati also manages the TB Amati UK
Smaller Companies Fund and offers an
AIM IHT Portfolio Service
A hard copy of the Amati VCTs Top Up Offers Document
is available from fund platforms, financial advisers or
can be downloaded from www.amatiglobal.com, by
emailing vct-enquiries@amatiglobal.com or by
calling 0131 503 9115.
Amati has one of the most

experienced UK smaller
company investment teams, a
clear investment process, and a
disciplined approach to risk
management
Dr Brian Moretta
Analyst, Hardman &Co
Risk Warning
Amati Global Investors Limited recommends that potential investors seek independent financial advice prior to investing in a Venture Capital Trust (VCT). Investment in a VCT carries a higher
risk than many other forms of investment. For more information relating to risks, please see the Risk Factors section in the Amati VCTs Top Up Offers Document 2014/2015 and 2015/2016 relating
to the companies and offers for subscriptions. In particular, potential investors should be aware that their capital is at risk and that they might get back less than their original investment; the value
of tax reliefs depends on the individual circumstances of each investor and may be subject to change in future; investors must hold their shares for at least five years to qualify for income tax relief;
the availability of tax reliefs depends on the companies invested in maintaining their qualifying status; and, there can be no certainty that either VCT will achieve its intended level of investment in
qualifying investments.
THIS ADVERT IS A FINANCIAL PROMOTION WHICH HAS BEEN APPROVED BY AMATI GLOBAL INVESTORS LTD. INVESTORS SHOULD NOT SUBSCRIBE FOR SHARES IN AMATI VCT
PLC AND AMATI VCT 2 PLC REFERRED TO IN THIS ADVERT EXCEPT ON THE BASIS OF INFORMATION IN THE AMATI VCTS TOP UP OFFERS 2014/2015 AND 2015/2016 DOCUMENT
WHICH ALSO CONTAINS INFORMATION ON FEES AND CHARGES APPLICABLE.
Amati Global Investors Ltd is authorised and regulated by the FCA with registered number 198024.
Octopus: putting VCTs

in your clients reach
What makes a great Venture Capital Trust (VCT) investment? Compelling tax advantages for investors? Definitely.
But at Octopus we think the real strength of VCTs lies in the underlying investments themselves. Weve got a track
record of spotting growth potential in smaller UK companies such as Zoopla, graze.com and Secret Escapes. Backing
businesses like these is great for them and could be great for our investors too. No wonder investors trust us with
more VCT money than any other provider*. We currently have a diverse range of VCTs open to new investment,
so call 0800 316 2067 or visit octopusinvestments.com to find out more.
For professional advisers only and not to be relied upon by retail clients.
*Source: Association of Investment Companies, October 2014. This advertisement is issued by Octopus Investments Ltd which is authorised and
regulated by the Financial Conduct Authority. This advertisement is not a prospectus and investors should only subscribe for VCT shares on the basis
of information in the VCT prospectus which can be obtained from octopusinvestments.com. Investors capital is at risk and they may not get back the
full amount invested. Tax treatment depends on the individual circumstances of each investor and may be subject to change. Past performance is not
a reliable indicator of future results and any forecast is not a reliable indicator of future performance. The availability of tax relief also depends on the
investee companies maintaining their qualifying status. VCT shares are likely to have higher volatility and liquidity risk than other types of shares quoted
on the London Stock Exchange Official List. This promotion does not offer investment or tax advice and this product is not suitable for everyone.
JN0215

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THE ADVISERS VIEW

EIS Magazine June 2015

A welcome election result, regardless of your political

EIS Magazine is published by

IFA Magazine Publications Limited,

Our monthly round-up of news stories. Keep sending us your

Robin Smeaton from City Partnership surveys the Social

Telephone: +44 (0)117 9089 686

Publishing director: Alex Sullivan

Design: Fanatic Design

10. What do Advisors Really Think?

14. Complementary Portfolio Planning

Edward Grant from Ingenious Investments says holding the

16. The Estate Planning Challenge

Simon Ruthers from Oxford Capital Discusses Ways of

19. Plugging the Pensions Gap

22. The EIS Tolley Diploma

24. Wind Power Still Investing

A look at two current projects from the McKinnons stable.

30th June 2015

25. Adding Value Through Effective IHT Planning

28. Open Offers

This extended seminar will examine the basic features

Inheritance tax is affecting more people and its time to look

Our monthly listing of whats currently available for subscription.

41. Making Hay Without The Sun Shining

www.eismagazine.com June 2015

is expanding so fast. Or that the Chancellors next move is into

Carrot and Stick

VCT sector paid

over the year to

over the year to

VCT Dividends Up Again

Ian Sayers, chief executive of the

New Rules, New Confusions?

said the qualifying conditions could be

Another Social Initiative

HMRC Decision: Reverse

Mercia and the Internet

EIS Magazine June 2015

In practice, they maintained, Enfis

Mike Hayes, investment director

VCTs via Transact

Transact has become the first

Rattle the tin, run a marathon,

sophisticated investors, bitten by

young adults in two different areas of

social impact bond

EIS Magazine une 2015

How We Got to Here

recommendations were adapted into

According to Pearson, the private

pilot shows how SITR can channel new

Getting the IFAs On Board

The first SITR project is already

www.eismagazine.com June 2015

Its absolutely right that alternative investments

EIS Magazine June 2015

However, EIS are not necessarily the best solution for

Since Insley charges for his holistic financial planning

Whos Well Suited?

people on ISAs and on EIS as

Wheres The Market Going?