Plenty of Budget headlines. Here's what caught our attention at Innovate Capital Partners:
1. EIS is getting some further attention. Finally.
The government has committed to simplifying EIS, SEIS and VCT rules, improving the Advance Assurance process and cracking down on excessive fees.
Good news in principle, but the devil will be in the detail. For now, these are commitments rather than sweeping changes to investor tax relief.
2. A big win for entrepreneurs.
A new Founders' Relief will offer qualifying founders a 10% Capital Gains Tax rate on up to £10 million of lifetime gains from April 2027.
That's a significant incentive to build, scale and exit a successful business in the UK.
3. But not every business owner wins.
Business Asset Disposal Relief is being cut from £1 million to £500,000 of qualifying lifetime gains from April 2027.
So, while high-growth founders are getting a potential tax break, other business owners could face a larger tax bill when they sell.
4. More money flowing towards private markets.
The British Business Bank is getting an additional £5 billion of financial capacity, including £1.4 billion for equity fund investments and £450 million for venture debt.
There's also a continued push to unlock around £25 billion of pension investment into UK private markets.
More capital available to growing businesses is encouraging. Whether it reaches the right companies on sensible terms is another question.
5. The bigger picture for investors.
The expanded EIS investment limits announced last year are already in effect, allowing qualifying companies to raise more capital under the scheme.
Combined with today's announcements, the direction is clear: the government wants more private money backing UK businesses, particularly those with high-growth potential.
Our take?
Broadly positive for the EIS and private markets space, although, as always, tax relief doesn't make a bad investment a good one.
At Innovate Capital Partners, our focus remains the same: identifying credible private investment opportunities, understanding the risks, and helping investors make informed decisions.
More capital, better incentives and less red tape are welcome.
Ultimately, it's the quality of the underlying investment that matters.
