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Platform One stakes claim to be first wrap with SEIS offering

Platform One stakes claim to be first wrap with SEIS offering

Platform One has claimed to be the first wrap to offer Seed Enterprise Investment Schemes (SEISs), in a move that could encourage greater interest in the schemes.

‘This is the first ever retail distribution review-compliant way to do SEIS investing,’ said Michael Fordham (pictured), managing director of Platform One. ‘When looking after high-net-worth clients, this is an important part of tax planning, as the tax advantages are phenomenal. On a more noble aspect, this is trying to help smaller companies when banks [are not giving] them any money.’

SEISs can qualify for 50% upfront tax relief on a maximum annual investment of £100,000. If the shares are held for at least three years, any gain is free from capital gains tax.

George Osborne unveiled SEISs a year ago but take up has been muted. By the end of September 2012, only 378 businesses had applied to HM Customs & Revenue for SEIS tax relief, whereas 1,895 companies qualified for EIS relief in 2009-10.

Mark Insley (pictured, left), managing director of Seed EIS Platform, which is working with Platform One, said: ‘Advisers don’t have confidence in themselves to have the due diligence to put clients into these [schemes]. Now we have this compliant process for investors.’

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