HMRC approvals for EIS drops

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HMRC approvals for EIS drops

But Gary Robins, head of business development at Growthdeck, said many small businesses were struggling to secure funds from traditional sources as Brexit uncertainty had slowed lending from UK banks.

He said: “I don’t think anyone really wants to see the amount of money raised for SMEs reduced and the new government should take the opportunity to reverse the restrictions."

Mr Robins thought schemes such as EIS had proven “hugely effective” in channelling funds into small businesses but that the latest reforms were restricting this.

An HMRC spokesperson said: “Only companies pursuing long term growth and development are eligible under the Enterprise Investment Scheme.”

They declined to comment further due to the pre-election purdah rules.

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