Citywire printed articles sponsored by:
View the article online at http://citywire.co.uk/new-model-adviser/article/a634845
Platform One stakes claim to be first wrap with SEIS offering
by Rachael Revesz on Nov 19, 2012 at 10:47
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.’
News sponsored by:
Today's top headlines
More about this article:
More from us
- IFP warns gov’t of regulatory barriers to IFAs promoting SEIS
- Is Osborne taking the wrong tack with support for start-ups?
- Adviser fees could hamper SEIS investment
by Jun Merrett on May 21, 2013 at 15:55