On Friday 23 September 2022, Kwasi Kwarteng presented his mini-budget as UK Chancellor, which included tax cuts and business investment schemes.
In his speech, the Chancellor expressed his commitment to supporting innovation and early stage businesses. Kwarteng extended the Enterprise Investment Scheme (EIS) and Seed Enterprise Investment Scheme (SEIS) beyond 2025 as one of its measures.
The SEIS has been expanded to allow firms to now raise £250,000 under the scheme — an increase of 66% more funding over what was available previously.
By offering generous tax benefits to investors like income tax relief, capital gains tax exemption and inheritance tax exemption, these schemes help spur investment into exciting early stage companies.