Policy and regulatory updates
UKBAA response to Financing Growth in Innovative Firms consultation
UKBAA has responded to the government’s consultation paper ‘Financing Growth in Innovative Firms’, forming part of the Patient Capital Review. In our response we have underlined the vital importance of retaining EIS and SEIS tax relief for investors, to ensure that early-stage investors continue to back the UK’s innovating small businesses at a very early stage when so many other institutional investors would not participate.
22nd September 2017
UKBAA response to industrial strategy green paper
UKBAA has responded to the government’s industrial strategy green paper. Our response focuses on two pillars of the industrial strategy: investing in science, research and innovation (Pillar 1) and supporting businesses to start and grow (Pillar 4). Our paper provides recommendations for government on how to enable the early-stage investment ecosystem to best support innovation, growth and productivity in the UK.
17th April 2017
UKBAA response to HMRC on advance assurance
UKBAA has responded to HMRC’s consultation about streamlining its advance assurance service. This free service is for companies that intend to raise money under the EIS or SEIS schemes, whereby HMRC will provide an opinion as to whether the company’s proposed share issue would qualify for EIS/SEIS tax reliefs. In our response, we underline the criticality of the advance assurance service, which presently lends confidence to investors when they are deciding whether or not to invest in a business.
1st February 2017
UKBAA statement on industrial strategy proposals
Creating a new dynamic environment to support the growth of investment and business across the UK is key to success in the post-Brexit era, so UKBAA welcomes the government’s proposals for a modern and multifaceted industrial strategy.
Angels have provided a huge pool of capital to back many of the UK’s fantastic startups, but we lack sufficient capability here in the UK to bring significant sums of patient capital to support later-stage business growth. If we do not ensure this capacity, then the best of the UK’s high-growth companies will be looking to the US or other international sources to find the investment they need to complete their high-growth ambitions, with the UK’s economy losing out on these companies’ further growth.
24th January 2017
UKBAA response to Autumn Statement 2016
Jenny Tooth OBE, CEO of UKBAA, said:
“UKBAA believes it is crucial to maintain the UK’s position as a leader around technology and entrepreneurship and we therefore welcome the Chancellor’s focus on infrastructure and innovation as key to support productivity and growth.”
23rd November 2016
UKBAA statement on the Prime Minister’s CBI address
Jenny Tooth, CEO of UK Business Angels Association, said:
“UKBAA welcomes the Prime Minister’s commitment to address the gap in later-stage funding for businesses. Scale up remains a challenge in the UK, with the majority of growth capital being allocated to startups. This represents a missed opportunity for investors and the wider economy; and UKBAA is therefore supportive of the launch of the Patient Capital Review, which we hope will help identify how obstacles preventing long-term investment from flowing into high-growth businesses can be removed. We would like to see in place in the UK a connected ecosystem for funding businesses from early-stage angel backing through to global scale up.”
21st November 2016