The days of asset-backed enterprise investment scheme investments could be numbered, according to Wealth Club chief executive Alex Davies.

Commenting on the government’s reported plans to crack down on high earners abusing tax relief offered by the Enterprise Investment Scheme, Davies said now is the time to invest as the ‘opportunity could be closed’ by chancellor Philip Hammond in this autumn's budget.

The Sunday Times this weekend reported that Treasury officials are palnning on clamping down on abuse of tax breaks as part of a review into small business funding.

Proposals reportedly under consideration include cutting the level of tax relief, increasing the period an investment must be held to over two years, and placing greater restrictions on companies that qualify for investment.

Davies said: 'The chancellor’s inaugural autumn Budget this November could herald restrictions on asset-backed EIS investments.

'More than £120 million went into asset backed EIS funds last year.

'Whilst a change is no means certain, there are a lot of suggestions that this opportunity could be closed by the Chancellor come November.’