Discount Broker for investments, insurance & mortgages
Clubfinance can arrange your Enterprise Investment Scheme ('EIS') investment on an execution-only basis, although due to the way some EISs are set up we cannot arrange every EIS available. Arranging your EIS through Clubfinance, as a minimum, you will benefit from:
75% rebate of initial commissions paid to Clubfinance (where possible as a reduction in upfront charges);
Plus75% rebate of all renewal (trail) commissions paid to Clubfinance.
For some EISs, some or all of the commission paid to intermediaries represents an additional cost that you would not incur by investing direct. In these circumstances we only take 25% of the available commission if, by doing this, it is cheaper for you to go through Clubfinance.
CLICK HERE FOR A LIST OF OPEN EISs & OUR DISCOUNTS
The Government offers tax breaks for individuals investing in small high-risk companies through various Venture Capital Schemes, including the Enterprise Investment Scheme (EIS) and the Venture Capital Trust (VCT) scheme.
EISs are high risk investments and may only be
suitable as medium or long-term investments. You can lose tax reliefs if
you do not hold your EIS for the required period (see
tax notes below). Clubfinance Ltd. offers an
execution-only service; Clubfinance does not give advice or
recommendations,
and does not assess the appropriateness of an investment for the investor. If you have any doubts as to the suitability
or appropriateness of a
particular EIS, or EISs in general, or you
require advice of any kind (including tax advice), you should contact
another appropriate firm that does give advice
and/or
assesses appropriateness.
Contents
What is an EIS?
EIS & VCT e-mail updates
To subscribe to our EIS & VCT e-mail update service please use the following form. Our e-mails will let you know when we have added new EIS and VCT investments to our website.
Enterprise Investment Schemes are designed to help certain types of small higher-risk unquoted trading companies to raise capital. Investors are provided with a range of tax reliefs for investing in eligible shares in these qualifying companies. There is a risk that these companies may not perform as hoped and in some circumstances they may fail completely.
Depending on the type of EIS, the EIS may represent an investment in the shares of one or more than one EIS qualifying company. So, before you invest in an EIS, together with the risks inherent in EISs in general, you should consider the extent to which your investment risk will be spread over a number of companies. As EISs represent an investment in unquoted shares, it may be difficult to sell your investment.
To qualify for EIS tax reliefs, both the shares and the company issuing the shares must meet various conditions. EIS tax reliefs will be lost if the company or the share issue does not satisfy the conditions throughout the required period. Although the company can obtain advance assurance, please note that it cannot be determined in advance whether the conditions of the Enterprise Investment Scheme will be met. The fact that an investment qualifies for EIS tax reliefs does not guarantee the safety or success of any investments you make in an EIS.
EIS qualifying companies can be start-ups as well as established companies, and need not be incorporated or resident in the UK. Companies must meet certain conditions including that the relevant assets of the company (or group of companies) may not exceed £7 million immediately before the investment and £8 million immediately afterwards. In addition, the EIS qualifying company must have fewer than 50 full-time employees (or their equivalents), and there is also a £2 million limit on the total amount that can be raised by a single company under the various venture capital schemes (including the EIS). The funds raised must be used for the purpose of a qualifying trade carried on wholly or mainly in the UK or another qualifying business activity. Most kinds of trade can qualify including: manufacturing; the provision of services; construction; and retail and wholesale distribution. Recent budget changes have reduced the maximum size of company that qualifies for the EIS, meaning that EIS investments available now may carry a higher risk than those taken out in the past.
Subscriptions must be for new ordinary shares. Throughout the period of three years beginning with the date on which they are issued, the shares must not carry any preferential rights or any right to be redeemed. If the shares were issued to raise money to enable the company to prepare to carry on a qualifying trade, the 'three-year' period begins when the shares are issued and ends three years after the company (or subsidiary) begins to carry on that trade.
As with any share-based investment, the value of an EIS depends on the performance of the company or companies in which you invest. The value of the investment and the dividend stream (if any) can rise and fall. So you may get back less than you originally invested, even taking into account the tax breaks. EISs carry initial charges and costs together with annual costs, charges and fees, some of which may be performance related. These can be complex. Please refer to the product documentation for the EIS(s) you are interested in for details. The levels of charges for EISs may be greater than Unit Trusts and Open Ended Investment Companies.
The different types of EIS
In all cases the underlying investment is EIS Shares, i.e. eligible shares in qualifying companies for EIS purposes. A brief explanation of the different types of EIS is included below:
Individual EIS Shares
EIS Shares represent a direct investment in the eligible shares of a single qualifying company. For tax purposes the relevant date is the date on which the shares are issued (see also carry back for income tax relief). Tax relief will generally be gained on the whole amount invested.
EIS Funds
Investment through an EIS investment fund allows money pooled from a number of investors to be subscribed for EIS Shares in a range of companies selected by the fund manager. EIS Funds can be approved or unapproved (see below). The minimum subscription must be not less than £2,000.
Note that many EIS 'Funds' (including Approved Investment Funds - see below) are structured as discretionary portfolios, with all investors having the same portfolio of shares. Whereas Approved Investment Fund status is clear cut (see below), the underlying structure of the investment vehicle may be more like an EIS Managed Portfolio.
Approved EIS Funds (Approved Investment Funds ('AIF's))
Approval, which is given by the Board of Inland Revenue, does not guarantee the safety or success of the investments made through the fund in question. It simply means that the fund satisfies certain administrative criteria laid down by the Board. The main ones are:
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shares in at least four companies must be acquired by the fund and allocated between the investors in proportion to the amounts they have contributed;
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no investments may be made by the fund until after it closes, and it must be expected that all investments made by the fund will be in EIS Shares; and
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90% of the money contributed to the fund must be invested within 12 months after the date the fund closes.
AIFs enjoy two tax advantages:
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the £500 lower limit on the amount an individual must subscribe for shares in an EIS Company to qualify for income tax relief does not apply where the investment is made through the AIF; and
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for the purposes of determining the tax year for which you can get income tax relief, all shares acquired through the fund are treated as if they had been issued on the date when the fund closed, provided certain conditions are satisfied. (See also carry back for income tax relief).
Tax relief will only be gained on amounts actually invested in EIS shares. Any charges deducted by the fund upfront from your subscription for example, will not attract tax relief.
Unapproved EIS Funds
Unapproved funds do not have to satisfy the criteria relating to the number or timing of investments in EIS Shares. The minimum investment by each investor in each EIS qualifying company is £500 if tax relief is to be obtained.
It can be difficult to classify a product as either an Unapproved EIS Fund or an EIS Managed Portfolio. For the purposes of this website, we generally classify products that are limited by a closing date and/or a maximum amount to be raised, as Unapproved EIS Funds. Depending on the product, investors in Unapproved EIS Funds may generally all invest in the same EIS Companies, or there may be some variation, for example if the fund is open and making investments over a long period.
For tax purposes the relevant dates are the dates when the EIS Shares in which the fund invests are issued, not the date when you invest the fund, and not when the fund closes (see also carry back for income tax relief).
Tax relief will only be gained on amounts actually invested in EIS Shares. Any charges deducted by the fund upfront from your subscription for example, will not attract tax relief.
EIS Managed Portfolios
An EIS Managed Portfolio is a discretionary portfolio which is, or is to be, invested wholly or mainly in EIS Shares. These are usually individual arrangements (individual investors may have different portfolios), which are generally tailored to each investor's requirements.
For tax purposes the relevant dates are the dates when the EIS Shares in which the Portfolio invests are issued, not the date when you put funds into the Portfolio (see also carry back for income tax relief).
Tax relief will only be gained on amounts actually invested in EIS Shares. Any charges deducted by the Portfolio upfront from your subscription for example, will not attract tax relief.
Risk Warnings
EISs are high-risk investments and may only be suitable as medium or long-term investments. Clubfinance Ltd. offers an execution-only service; Clubfinance does not give advice or recommendations. EISs are complex products and are not suitable for all investors. If you have any doubts as to the suitability of a particular EIS, or EISs in general, or you require advice of any kind, you should seek a personal recommendation from a professional adviser. Do not invest in an EIS unless you have carefully thought about whether you can afford it and whether it is right for you.
Please refer also to the risk warnings and other information contained within the Prospectus, brochure, particulars, information memorandum, offer document, or other product documentation for the EIS that you have chosen, together with Clubfinance's Terms of Business.
EIS investments include: direct investment in an individual EIS share; investment in an EIS fund (including Approved Investment Funds and unapproved funds); and investment in an EIS managed portfolio. Funds and portfolios invest wholly or mainly in EIS shares.
General
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As high-risk investments, EISs may only be suitable for wealthier investors as part of a diversified investment portfolio.
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Applications may only be made and accepted subject to the terms and conditions of the EIS Particulars and Prospectus, or other offer document
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If an EIS does not reach its minimum investment level, it may decide not to go ahead and return your application.
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For EIS funds and portfolios, the manager may not be able to invest as quickly as hoped. This may reduce the return on your investment, and the investment may lose its EIS status or tax relief may be delayed.
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In respect of Approved Investment Funds, approval, which is given by the Board of Inland Revenue, does not guarantee the safety or success of the investments made through the fund in question. It simply means that the fund satisfies certain administrative criteria laid down by the Board.
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For individual EIS shares, payments of renewal commission (if any) to Clubfinance Ltd. and the corresponding commission rebates to you are conditional upon you continuing to hold the shares, and may cease if Clubfinance is no longer your agent, or you transfer the shares to a nominee account.
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Past performance is not a reliable indicator of future results.
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You should not subscribe to an EIS unless you have taken appropriate independent advice.
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EIS shares (as a direct investment & as the underlying investments of funds & portfolios)
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EIS shares are issued by small companies, which are typically early stage, young companies. There is a risk that these companies may not perform as hoped and in some circumstances they may fail completely. Small companies have a higher failure rate than large established companies.
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Investments in these small companies will generally not be publicly traded or freely marketable and may therefore be difficult to sell. There will be a big difference between the buying price and the selling price of these investments. The price may change quickly and it may go down as well as up.
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Recent budgets have reduced the size of company that qualifies for EIS investment purposes. This may mean that current EIS issues are more risky than those of previous years.
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Companies issuing EIS shares may use, or be able to use gearing (borrowing money to finance their activities) or derivatives. This strategy may result in:
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movements in the price of the EIS shares being more volatile than if the company did not use gearing or derivatives;
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the EIS shares being subject to sudden and large falls in value; and
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you getting back nothing at all if there is a sufficiently large fall in value in the investment.
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Where there is a guarantee to the directors of a company that issues EIS shares, this is not a guarantee to a person investing in those EIS shares.
Spread of risk
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Investment in an individual EIS share represents investment in a single company. Although EIS funds and portfolios invest in more than one company, smaller funds may invest in fewer companies resulting in higher risk. Similarly, investing in a single EIS product may be more risky than spreading your investment between more than one EIS product.
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Not withstanding the number of different EIS shares over which an investment is spread, the underlying characteristics of the companies issuing EIS shares will vary, meaning that some EIS products are riskier than others.
Taxation
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EISs are subject to special tax considerations. Please refer to the individual EIS Prospectus or other offer document for a taxation summary and the taxation consequences for investors generally. However, please be warned that:
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taxation levels, bases and reliefs can change;
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the summary will be based on assumed rates of taxation;
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the reliefs stated will be the ones which currently apply; and
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taxation levels, bases and reliefs depend upon your individual circumstances.
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Changes in tax or other legislation may adversely affect the value of an EIS.
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Income tax relief cannot exceed your income tax liability.
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To be eligible for income tax relief, investors must not be connected, for EIS purposes, with the companies in which they invest.
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For the purposes of determining the 'tax year' for which you can get income tax relief, all EIS shares acquired through an Approved Investment Fund are treated as if they had been issued on the date when the fund closed; in other cases the relevant tax year is the date when the EIS shares are issued (although in both cases, you may be able to claim for all or part of the investment as having been issued in the previous tax year).
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You may not get tax relief on the whole amount you invest in an EIS. Tax relief is only given on amounts actually subscribed for EIS shares (this excludes any costs incidental to the subscription); amounts not invested in EIS shares (e.g. initial charges deducted, or amounts held as cash) will not be eligible for tax relief.
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Tax relief will not be available, or may be withdrawn, if the EIS, or an individual investor, does not comply with the EIS regulations during the relevant period, and tax relief already given will have to be repaid.
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Due to the approvals and administration necessary, it may take some time before you receive the tax certificate for your EIS investment, particularly for Approved Investment Funds. You may need to re-open your tax return to claim tax relief.
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If you are unsure about your tax situation, you should seek professional advice.
Charges & performance fees
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The levels of charges for EISs may be greater than for other investments, such as Unit Trusts and Open Ended Investment Companies.
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Initial charges and other upfront and ongoing costs, fees and charges will reduce the value of your investment. These may include performance fees.
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Some costs borne by the EIS will be fixed in nature. If an EIS is smaller than expected these fixed costs will have a greater impact on performance.
Security of capital
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As with any asset-backed investment, the value of an EIS depends on the performance of the underlying assets, so you may get back less than you originally invested, even taking into account the tax breaks.
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EISs are investments that can fluctuate in value. In addition, the income distributions from EISs (if any) can also fluctuate.
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EIS investments may be subject to sudden and large falls in value, you could get back nothing at all.
Selling your investment
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You may have difficulty selling your investment at a reasonable price and, in some circumstances, it may be difficult to sell it at any price.
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There is a restricted market for EIS shares, and it may therefore be difficult to deal in EIS shares, or to obtain reliable information about their value or how risky they are. Proper information for working out the current value of investments may not be available.
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EIS shares are typically unquoted securities, which may have more risks than quoted securities or shares. Investments in unquoted securities may be difficult to sell. Market makers may not be prepared to deal in them.
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EIS shares may be issued by a private company, and restrictions may apply to the transfer of these private company securities.
Tax notes
EISs carry certain tax advantages. Below is a brief summary of some of the major points relating to EIS Shares purchased in the current tax year 2009/10. This is an overview only and cannot cover the full complexities of the tax rules. See also 'What is an EIS?' and 'The different types of EIS' above.
Please note that tax rules can change at any time.
For more information please see the HM Revenue & Customs website and the product documentation for your chosen EIS.
You can see the 2009/10 budget release from HM Revenue & Customs ('HMRC') by clicking here, and you may also find the following HMRC helpsheets useful.
Due to the complexity of the tax reliefs, if you are in any doubt, you should consult a tax adviser.
Introduction
There are various tax advantages that you may be entitled to by investing in eligible shares in qualifying companies for EIS purposes:
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Income Tax relief
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Capital Gains Tax exemption
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Capital Gains Tax Deferral relief
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Loss relief
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Inheritance Tax (Business Relief)
You must keep your investment for at least three years* after the date on which the shares were issued if you do not want to have any Income Tax relief withdrawn. You can sell some or all of your shares within this period, but you will lose some or all of the relief on the shares concerned, and any capital gain arising from the disposal will be taxable.
* if the shares were issued to raise money to enable the company (or a subsidiary) to prepare to carry on a qualifying trade the 'three year period' begins when the shares are issued and ends three years after the company or subsidiary begins to carry on that trade.
Please note that special rules apply if you want to become a paid director of a company in which you invest. Please note that dividends from EIS shares are not exempt from Income Tax.
Income Tax relief
(See also 'The
different types of EIS' above).
If you invest in eligible shares in qualifying companies for EIS purposes
('EIS Shares'), you may be entitled to Income Tax relief on the amount you
invest up to a total of £500,000 for shares issued in any one tax year.
Income Tax relief at 20% of the amount actually invested in EIS Shares is available to be set against any Income Tax liability that is due, whether at the lower, basic or higher rate, but relief will be limited to the amount that reduces the investor's Income Tax liability to nil.
Claims for Income Tax relief are usually made before it is known whether all the conditions of the EIS have been satisfied in relation to the company and the shares. If it turns out that any of those conditions are not met, any Income Tax relief obtained will be withdrawn in full.
To be eligible for Income Tax relief, investors must not be connected for EIS purposes with the companies in which they invest. However, an unconnected person who invests in a company and then becomes a paid director of it may be eligible for relief despite becoming connected with the company for EIS purposes on account of the paid directorship. Investors who do not qualify for Income Tax relief because they are connected with the companies for EIS purposes may still qualify for deferral relief (see below).
An investor's Income Tax relief will also be wholly or partly withdrawn in a number of other circumstances, many of which would trigger a chargeable event in relation to shares to which deferral relief is attributable.
There are six main circumstances.
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Relief will be wholly withdrawn if any of the conditions of the scheme which apply in relation to the shares are not satisfied.
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Relief will be wholly withdrawn if any of the conditions of the scheme which apply in relation to the company are not satisfied.
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Relief will be wholly withdrawn if an event occurs which causes you not to be eligible for it.
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Relief may be wholly or partly withdrawn if you dispose of the shares within three years after they are issued*.
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Relief will be wholly or partly withdrawn if you receive value from the company within one year before, and three years after the date the shares were issued*.
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Relief will be wholly or partly withdrawn in certain circumstances where other members of the company receive value within one year before, and three years after the date the shares were issued*.
* if the shares were issued to raise money to enable the company (or a subsidiary) to prepare to carry on a qualifying trade the 'three year period' begins when the shares are issued and ends three years after the company or subsidiary begins to carry on that trade.
Income Tax Relief Carry Back
Investors may elect to carry back all or part of their EIS investment in to the tax year prior to the tax year in which eligible shares are issued (or in the case of an Approved EIS Fund, the fund closes). The level of relief carried back is limited only by the £500,000 limit in any one tax year. In other words if no EIS claim was made in a previous tax year then income tax relief could be claimed on up to £1 million subscribed for EIS shares, with £500,000 being carried back to the previous year and £500,000 remaining in the current year. This is provided there is sufficient income tax liability to offset. While this has the effect of carrying back some or all of the relief to the preceding tax year, it has no bearing on the 'relevant periods' which apply to those shares.
Capital Gains Tax exemption
Provided that no Income Tax relief has been withdrawn, a gain which arises after at least three years* on the disposal of any of the shares, on account of their increase in value over the holding period, will be exempt from Capital Gains Tax where the investment limit is not exceeded (£500,000 for 2009-10). Some Capital Gains Tax may be payable where the limit is exceeded or where the relief has been partly (but not wholly) withdrawn.
* if the shares were issued to raise money to enable the company (or a subsidiary) to prepare to carry on a qualifying trade the 'three-year period' begins when the shares are issued and ends three years after the company or subsidiary begins to carry on that trade.
Capital Gains Tax Deferral Relief
When a chargeable gain arises, it is usually assessed for the tax year in which it arises. Deferral relief enables you to postpone the gain until a later tax year if you subscribe for eligible shares in a qualifying company for EIS purposes, by making a claim to have some or all of the amount you subscribed for the shares concerned set against the chargeable gain.
The gain is deferred until a chargeable event occurs in relation to the shares. A gain equal in amount to the amount of the deferred gain (or in some cases part of the amount of the deferred gain) is treated as arising when a chargeable event occurs.
When chargeable events occur (e.g. disposal, the shares ceasing to be eligible, or the company ceasing to be qualifying) the deferred gain is brought back into charge. In some cases, shares that cease to be eligible may be treated as though they were never eligible.
Deferral relief can be claimed by individuals and by the trustees of certain trusts, and you can still qualify, even if you are connected with the company for EIS purposes.
The deferral relief shares must be issued in the period beginning 12 months before, and ending three years after, the accrual of the gain on which relief is claimed.
Provided that the company issuing the shares is non rendered non-qualifying by the size of the issue (relevant assets must not exceed £8 million following the investment), there is no upper limit and no minimum amount that can qualify for deferral relief.
Loss relief
If you are an individual and dispose of shares (to which Income Tax relief is attributable) at a loss for Capital Gains Tax purposes, you may claim loss relief on an amount equal to the loss (less any Income Tax relief attributable to those shares) provided certain conditions are met.
Loss relief is given as a deduction from your taxable income for the tax year in which the loss arises, or for the preceding tax year, or both if there are sufficient losses.
Instead of claiming loss relief, you can, if you prefer, set the loss (less any Income Tax relief attributable to the shares) against chargeable gains in the usual way.
Where you have insufficient income or gains to use up all of this adjusted loss, any unused part will be carried forward to set against chargeable gains arising in later tax years.
In some cases, if Income Tax relief is not attributable to the shares when the loss arises, under some circumstances, it may still be possible for you to obtain loss relief.
Inheritance Tax
Holdings of EIS Shares may be exempt from Inheritance Tax by qualifying for business relief after a minimum holding period of two years. Please see the HMRC website for more information, click here.
Open EIS Schemes
The following shows a list of EISs available for investment through Clubfinance. If there is an EIS open for investment which is not on the list please contact us using the form below. Please click on the EIS for further details including application forms.
Anglo Scientific EIS Fund 2010 (£10k - £99k)
Anglo Scientific EIS Fund 2010 (minimum £100,000)
Axcess EIS Fund 2010
Beer & Partners EIS Scheme
Calculus Capital EIS Fund 10
Country Food & Dining 4 Limited
Downing Asset-Backed EIS Fund
Formosa Films Top Shelf plc
Formosa Films Twenty8k plc
Greenlight Film Fund Ltd
Morria Biopharmaceuticals plc
Octopus Eureka EIS Portfolio Service
Octopus EIS
Oxford Gateway Fund No.5
Oxford Gateway Approved EIS No.5 (2009/10)
Triodos EIS Green Fund II
How to invest - the process
Documents you need to read and retain can be accessed by clicking the icons against each EIS on our Open EISs page. If you have any difficulties please use the contact form below.
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Read the information on this page to understand some general features of EISs.
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Understand our service by reading and retaining Clubfinance's Combined Initial Disclosure Document (key facts about our services), Clubfinance's Terms of Business, and Clubfinance's Client Declaration. All can be obtained from the Documents page of our website.
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Find out more about individual EISs on our EIS listing page; read and retain the product documentation for your chosen EIS(s).
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Generate a Commission Statement for your chosen EIS(s) to find out how much commission Clubfinance will receive and how much of this will be rebated to you. You can generate a Commission Statement using the following link: Commission Statement Generator
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Read and retain a copy of Clubfinance's EIS Additional Risk Warnings
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If you decide to go ahead, please send your completed application form, EIS Questionnaire (if required), signed Client Declaration, proof of name and address, and a personal cheque drawn on a bank or building society account in your name (see Identification Requirements Information for details) to:
VCTs & EISs
Clubfinance Ltd.
PO Box 1036
Hemel Hempstead
HP1 2WU
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Cheques must not be made out to Clubfinance Ltd., but you must send your application to Clubfinance to benefit from our discounts. Completed applications should reach Clubfinance at least 3 working days before the deadline given in the product documentation, but please be aware that EISs can close early, and we cannot submit incomplete applications or applications without adequate supporting documentation.
Contact Form
For product documentation and application forms, or further information, including a Commission Statement, please see our list of currently available EISs. If you require any further information or clarification, please use the form below to contact us. Please remember we offer an execution-only service. Please contact a financial adviser if you need advice.
* - we need this in order to provide you
with estimated commission and rebate details
Some of the content of this page represents extracts from the HMRC website, www.hmrc.gov.uk, which is Crown copyright material.
Clubfinance Ltd is authorised and regulated by the Financial Services Authority. Clubfinance offers an execution-only discount broker service; Clubfinance does not give advice or recommendations. If you have any doubt about the suitability of a particular product or service, or you require advice, you should seek a personal recommendation from an appropriate firm that does give advice. Clubfinance does not produce the products it arranges, or manage the underlying investments. Payments must not be made to Clubfinance, but to the relevant product provider. Contact details for Clubfinance can be found under ‘contact us’. Users of this website should be aware of the following:
Past performance is not a reliable indicator of future results.
The value of investments and the income from them can fall as well as rise as a result of market and currency fluctuations. For many types of investment, you may be placing your capital at risk, meaning that you may not get back the amount originally invested and you may risk losing your entire investment.
Some investments and policies may only be suitable as medium or long-term products.
Tax treatments depend on your individual circumstances and may be subject to change in future.
This website contains financial promotions relating to services offered by and products available through Clubfinance.
In the event of any conflict between product literature and information provided by Clubfinance, the product literature shall prevail.
The information on this website is intended solely for the use of those people who are United Kingdom residents for tax and investment purposes and is governed by our terms and conditions of website usage, please click here for details. It is not for distribution in any other jurisdiction, including the United States of America. Anyone who is not a UK resident should not continue with this site unless wishing to read about personal finances available to UK residents for informational purposes only.
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