EU state aid rules have led the U.K. to exclude some startups from government funding aimed at boosting economic activity in the post-pandemic era, Chancellor of the Exchequer Rishi Sunak told Parliament on Monday.
The Future Fund, a 250 million pound ($305 million) fund designed to spur startup activity, excludes firms that receive aid through Enterprise Investment Schemes (EIS) or Seed Enterprise Investment Schemes (SEIS)—vehicles that support investment in startups by offering tax relief to individuals.
The reason for the exclusion is a requirement that the government seek EU approval, which could slow disbursement of the funds, Sunak ...
Learn more about Bloomberg Tax or Log In to keep reading:
See Breaking News in Context
From research to software to news, find what you need to stay ahead.
Already a subscriber?
Log in to keep reading or access research tools and resources.