TAX-FREE ‘innovation funds’ should be introduced to boost the high-tech industry.
Under proposals submitted by the BioIndustry Association, funds could be created allowing an individual investor to place up to £15,000 tax-free into supporting companies, reports the Financial Times.
The association wants up to £300m placed in the innovation funds. A similar scheme in France places billions of euros into the investment of 1,000 growing companies.
The tax-deductible investments should be pooled for five years by fund managers, and any capital gains made also tax-free.
“A continued lack of equity and venture funding will damage the long-term prospects of translating such ideas into products,” said association chief executive Steve Bates.
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