Topic
VCT, EIS & SEIS · Analysis
£276m was raised under SEIS in 2024 to 2025, up 14% on the year before, according to HMRC statistics published on 21 May 2026. Growth has slowed since the April 2023 expansion, and the latest two years of figures are provisional.
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.
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.
