The Enterprise Investment Scheme
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- Charleen Montgomery
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2 The Enterprise Investment Scheme
3 What is the EIS? The Enterprise Investment Scheme ("EIS") is a government scheme that provides a range of tax reliefs for investors who subscribe for qualifying shares in qualifying companies. There are five current separate EIS tax reliefs:
4 Income Tax Relief Income tax relief on contributions of 20%, Example Initial investment 50,000 Less income tax relief at 20% (10,000) Net cost of investment 40,000
5 CGT Deferral CGT Deferral Relief- Tax on gains realised on a different asset can be deferred indefinitely, where disposal was less than 36 months prior to the EIS investment or 12 months after it. Example (assuming income tax relief also claimed) Initial investment 50,000 Less income tax relief at 20% (10,000) Capital gains Deferral at 40% (20,000) Net cost of investment 20,000 Shares sold 2011/12 nil gain Proceeds 50,000 Deferred gain chargeable 2008/9 50,000 Deferred CGT at 18% (9000) Net proceeds 41,000 An effective return on a 20,000 net investment of 105%
6 CGT Freedom CGT Freedom No Capital Gains Tax payable on disposal of shares after three years. Example (assuming income tax relief and deferral as on previous slide.) Initial Investment 50,000 Less income tax relief (10,000) Capital gains Deferral at 40% (20,000) Net cost of investment 20,000 Shares sold 2011 (25% growth) Proceeds 62,500 Tax on 12,500 gain 0.00 Deferred gain chargeable 2008/9 50,000 Deferred CGT now at 18% (9000) Net proceeds 53,500 An effective return on 20,000 net investment of 167.5%
7 Loss Relief Loss Relief If EIS shares are disposed of at any time at a loss (after taking account of income tax relief), any loss can be offset against an investors capital gains or his income tax in the year of the disposal or the previous year. For gains offset against income tax, the net effect is to limit exposure to 48p in the 1 for 40% tax payers if the shares were to become totally worthless. Alternatively the losses can be offset against CGT at the prevailing rate of 18%.
8 Examples of Loss Relief against income Example of loss relief against income Initial Investment 50,000 Less income tax relief (10,000) Net cost of investment 40,000 Shares value Proceeds 0.00 Net loss (40,000) Loss relief at 40% on 40,000 16,000 Net loss (24,000) Percentage of original outlay 48%
9 Example Of Loss Relief Against CGT Initial Investment 50,000 Less income tax relief (10,000) Net cost of investment 40,000 Shares valued 2011 at 0 Proceeds 0.00 Net loss (40,000) Loss relief at 18% on 40,000 7,200 Net loss (32,800) Percentage of original outlay 65.6%
10 Example Of Loss Relief Against income with CGT deferral at 40% Initial Investment 50,000 Less income tax relief (10,000) Less CGT Deferral at 40% (20,000) Net cost of investment 20,000 Shares valued 2011 at 0 Proceeds of sale 0.00 Net loss for tax relief (40,000) Loss relief at 40% on 40,000 16,000 Deferred CGT at 18% (9,000) Net Loss (13,000) Percentage of original outlay 26%
11 Inheritance Tax Exemption EIS investments are generally 100% exempt from IHT after they have been held for two years. And are 50% exempt after 1 year. Combined with the other tax benefits of an EIS after two years taking account of IHT the effective cost of the investment may be reduced to Zero.
12 Example of IHT relief Initial Investment 50,000 Less income tax relief (10,000) Capital gains Deferral at 40% (20,000) IHT relief at 40% (20,000) Net cost of investment 0 IHT relief assumes value of investment is 50,000 at death if it is more then the IHT relief is 40% of the larger amount.
13 EIS Compared with other Tax Efficient Investments VCTs ISAs Pensions EIS Income Tax relief 30% Nil 40% 20% Capital gains deferral Nil Nil Nil Up to 40%* IHT free N N Y/N Y Tax free exit Y Y Y/N Y/N Tax free dividends Y N N/A N Limits 2008/9 200,000 7, , ,000 Minimum Holding Period 5 yr None To age years (2 (55 from 20/10) yrs for IHT) *The rate of deferral may be as high as 40% for gains prior to reinvested within 3 years. It will also result in an overall tax saving as the deferred gain is charged at 18%.
14 EIS Relief At Work The combination of reliefs offered by the EIS scheme can substantially increase returns whilst mitigating risk. Used together they can prove to be one of the most flexible and tax efficient investments currently available. The following examples assume the investor is a higher rate taxpayer, who has utilised his annual CGT exemption and will therefore pay tax on any capital gains, or, where he has an overall loss, that he has other gains, including income chargeable at 40%, against which to relieve the loss.
15 EIS Relief At Work On A Portfolio with 6 holdings Scenario 1, 3 double and,3 halve in value; portfolio return 25% ISA UT/Share EIS Portfolio Return% 25% 25% 25% Income Tax Rebate% 0% 0% 20% Loss Relief% 0% 0% 6% CGT Liability 0% 4.5% 0% Total Return 25% 21.5% 51% Scenario 2, 2 double and,4 halve in value; portfolio return 0% ISA UT/Share EIS Portfolio Return% 0% 0% 0% Income Tax Rebate% 0% 0% 20% Loss Relief% 0% 0% 8% CGT Liability 0% 0% 0% Total Return 0% 0% 28% Scenario 3, 1 doubles and,5 halve in value; portfolio return (25%) ISA UT/Share EIS Portfolio Return% (25%) (25%) (25%) Income Tax Rebate% 0% 0% 20% Loss Relief% 0% 0% 10% CGT Liability 0% 0% 0% Total Return (25%) (25%) 5%
16
17 EIS Selection Park Caledonia Capital sees as many as 4 potential EIS companies each week. Only select around 10 per annum to support. Why?
18 EIS Selection Business trade is EIS qualifying Business looking to raise approx M Business provides diversity to other EIS promoted by PCC
19 EIS Selection Business plan indicates good potential for profit Business is existing not start up
20 EIS Selection Directors have proven skills and track record Business has correct expertise available to it
21 EIS Selection Business has USP Product is clearly defined with identified market Lead over competition Barriers to entry for competitors
22 EIS Selection Identified exit route for investors
23 EIS Selection PCC able to protect investors interests via shareholding or representative seat on board
24 EIS Selection EIS companies promoted by Park Caledonia Capital represent in our view sound commercial opportunities as well as offering the unique tax benefits associated with EIS.
25 EIS Share Structure A Shares (founders) 500,000 E Shares ,000,000 Total 2,500,000
26 EIS Shares Structure Recoupment First 1.00 per share pari passu After 1.00 per share recouped: E shares 60% A shares 40%
27 EIS Share Structure Downside Risk (worst case, E shares) Budget 2,000,000 EIS Relief 400,000 Recoupment (x80%) 0 Producers Tax Credit (x80%) 320,000 Loss to E shares 1,280,000 Add back Loss relief (50%) 640,000 Total Loss 640,000 Total Downside (640,000/2,000,000) 32%
28 EIS Share Structure Recoupment of 2,000,000 each E share receives 2,000,000/2,500,000 = 80p (break even net of tax relief) Recoupment of 2,500,000 each E share receives 2,500,000/2,500,000 = 1.00 (profit of 20% from tax relief)
29 EIS Share Structure Recoupment of 3,500,000 each E share receives 2,500,000 / 2,500,000 ( 1.00) plus 1,000,000 X 60% / 2,000,000 (30p) = 1.30 (total profit of 162.5%) A shares will receive a total of 1.80
30 Regulatory Statement Park Caledonia Capital Limited is authorised and regulated by the Financial Services Authority. Advisers and Investors should remember that the value of investments can fall as well as rise and investors may not get back all that they invested. Past performance is not guide to the future and projected returns do not provide any guarantee that those returns will be achieved. Tax rates and reliefs can change or be withdrawn without prior notice. A future change in legislation may reduce or negate the effectiveness of any planning undertaken today. Potential investors in any collective investment scheme should seek independent professional advice and consult the Information Memorandum for definitive description of the investment or business being undertaken and pay particular attention to the sections relating to Risk.
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