29 November 2017
The UK Government announced in its 2017 Budget that it would be pursuing a new action plan to help finance innovative UK firms. The new announcements include the creation of a new patient capital investment fund incubated within the British Business Bank seeded with £2.5bn of public money and the extension of annual investment limits for the EIS and VCT tax-advantaged venture capital schemes for investments in knowledge-intensive companies. The Government's announcements follow a year-long review process into patient capital supported by a panel of industry experts, chaired by Sir Damon Buffini, who provided formal recommendations to the Government. Clifford Chance worked as part of the team of expert advisers supporting the panel with particular focus on relevant legal, regulatory and tax aspects of the potential reforms considered by the Patient Capital Review and the ultimate proposals.