The desk
Assets that do not trade every day, and who can buy them: LTAFs, PISCES, VCTs, EIS and SEIS, private equity, private credit and venture investing. Every piece sets out liquidity and investor protection alongside any tax relief.
PROLTAFs · News
90 days: the minimum notice the FCA wants investors to give before selling out of property and other illiquid retail funds, which could pay out no more than monthly. The proposals in CP26/35 would affect 17 funds holding about £7.22bn.
VCT, EIS & SEIS · Explainer
If an SEIS company fails, you can set the loss, after deducting the 50% income tax relief you kept, against your income for that tax year or the one before. On £10,000, that leaves a net loss of £3,000 for a higher-rate taxpayer and £2,750 for an additional-rate taxpayer.
VCT, EIS & SEIS · Guide
SEIS relief only works if the company qualifies and keeps qualifying for three years, and it does nothing to rescue a weak business. These are the questions to put to a founder before you subscribe, and the documents that should back up the answers.
VCT, EIS & SEIS · Explainer
Advance assurance is HMRC's non-statutory, discretionary opinion that a company's planned share issue looks likely to qualify for SEIS or EIS. It does not guarantee any investor's relief, it does not vouch for the business, and it says nothing about whether the company will keep to the rules for the next three years.
VCT, EIS & SEIS · Guide
Under the 2026 to 2027 rules, a young UK company can raise up to £250,000 under SEIS, and its investors can claim 50% income tax relief on up to £200,000 each a year. The company must pass tests on its trade, gross assets, staff and independence, issue SEIS shares before any EIS shares, and file a compliance statement before investors can claim.
VCT, EIS & SEIS · Explainer
SEIS gives UK taxpayers 50% income tax relief on up to £200,000 a tax year invested in new shares of very young companies, with capital gains and loss reliefs on top. The reliefs are generous because the risk is severe: most start-ups fail, and the shares are hard to sell.
Venture & angel · Explainer
Early-stage companies are among the riskiest things a private investor can own: most fail, the shares are hard to sell and any return can take many years. UK tax reliefs soften losses without removing them, and the FCA's crowdfunding rules are built around the risk of losing everything.
VCT, EIS & SEIS · Analysis
On a £10,000 stake, SEIS relief cuts the money at risk to £5,000 and EIS relief to £7,000 before loss relief. If the company fails, an additional-rate taxpayer loses £2,750 net under SEIS and £3,850 under EIS: the reliefs change the size of the bet, not the odds.
Venture & angel · Explainer
Convertible loan notes and advance subscription agreements both let a start-up take money now and issue shares later, usually at a discount to the next round. The difference that matters to UK investors is tax: an ASA can qualify for SEIS or EIS if it meets HMRC's conditions, while shares from a converting loan generally cannot.
VCT, EIS & SEIS · Explainer
The three venture capital schemes trade relief for risk: SEIS gives 50% income tax relief on the youngest companies, EIS 30% on larger unlisted ones and VCTs 20% on a listed fund. The April 2026 changes cut VCT relief and doubled the EIS and VCT company investment limits; SEIS was left alone.
VCT, EIS & SEIS · Guide
Under the 2026 to 2027 rules, a young UK company can raise up to £250,000 under SEIS, and its investors can claim 50% income tax relief on up to £200,000 each a year. The company must pass tests on its trade, gross assets, staff and independence, issue SEIS shares before any EIS shares, and file a compliance statement before investors can claim.
VCT, EIS & SEIS · Explainer
SEIS gives UK taxpayers 50% income tax relief on up to £200,000 a tax year invested in new shares of very young companies, with capital gains and loss reliefs on top. The reliefs are generous because the risk is severe: most start-ups fail, and the shares are hard to sell.
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Private Markets · News
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FCA, HMRC and Consumer Duty changes, and what they mean for advice
