The UK Budget today has led to a number of requests for the Corporate Venturing Scheme (CVS) tax break to be brought back.
Writing in news provider Money Marketing, Bhupinder Anand, managing director of financial advisory firm Anand Associates, said he had written to UK Chancellor of the Exchequer George Osborne (pictured) asking him to consider the reintroduction of a corporate version of the Enterprise Investment Scheme. The CVS was introduced under the Labour government but was not renewed when its 10-year life span expired last year.
He said: "CVS allowed firms to invest in new businesses and get 20% tax relief. EIS [Enterprise Investment Scheme] only targets personal money and we used to do a lot of business with CVS."
The UK trade body British Private Equity and Venture Capital Association has called for Osborne to introduce a venture tzar to encourage entrepreneurialism.