Back in the Spring of 2016, I was pleased to report for Valhalla Private Client Services LLP the successful outcome of a Closure Notice case against HMRC regarding investments in Enterprise Zone Syndicates, Nichols & French vs The Commissioners for HMRC, TC's /2015/04557 and 04618. Whilst the resulting appeals against those Closure Notices are now part of a further First Tier Tribunal process which is unlikely to be heard until early 2019, the investors at least have a timetable towards a settlement whereas allowing HMRC to perpetuate its enquiries unchecked would probably have meant a complete lack of impetus towards that goal.

Fast forward to October 2017, Valhalla once again found itself back in the FTT seeking further Closure Notices for taxpayers in respect of two Business Premises Renovation Allowance cases, Stanley Dock (All Suites) Regeneration LLP and Beneficial House (Birmingham) Regeneration LLP ("the LLP's"), TC's /2016/05028 and 05029. On 7 November the Tribunal Judge Sarah Falk directed that HMRC should issue Closure Notices to the LLP's.


HMRC has published its latest statistics on 31st October. These make for interesting reading.

The statistics tell us:

EIS/SEIS is still very popular: 2015/16 saw £1.88bn flow into EIS-funded companies – down from the 2014/15 high of £1.92bn but the numbers will continue to be uprated so the final 2015/16 figure may yet breach the 2014/15 peak. 3,470 companies applied for Advance Assurance – up by exactly 1,000 from 2014/15. That’s remarkable when you think how much money was pouring into solar and infrastructure which was only barred from inclusion in 2015 and which had been a major part of the sector.

The message that EIS is a credible alternative equity funding source is being noticed by young and growing companies. The figures for SEIS remain remarkably close to those in 2014/15, when 2,360 companies received £180m in investment. In 2015/16 2,365 companies raised £180m.


Due to a change made in the Summer Budget of 2015, it is thought that 1 in 5 landlords will be affected by Section 24, which relates to relief for finance costs regarding residential property businesses. The Clause, which has been in effect since 6th April 2017, set out changes in legislation regarding the way in which landlords of residential properties can claim relief for finance costs. Who will be affected?

Anyone connected to the Enterprise Investment Scheme Association will by now have seen its Director General's, David Brownridge, article updating Members about recommendations that will be made to the Chancellor in connection with the forthcoming Budget. Non EISA Members and the general public may be less aware of developments.

It has been revealed that no inheritance tax (IHT) was paid on the late Duke of Westminster’s estate. To avoid the tax, the Duke passed on a majority of his fortune to his son Hugh Grosvenor through a trust, making the 26-year-old Britain’s youngest billionaire in the process.

Deadline is Hollywood’s breaking source for film news, and for the past seven years, they have been running The Contenders event in Los Angeles. The event provides American voters with the opportunity to see key players in the awards race in a different light, with behind the scenes insights and the opportunity to meet those involved in the filmmaking process.

This year saw the launch of The Contenders London, and on Friday 6th October. Paul Brett and Hannah Yates were invited to attend the inaugural event, which was held at BAFTA’s 195 Piccadilly headquarters. Deadline Hollywood has been eager to introduce BAFTA, Academy and Guild voters in the UK to some of the most prolific names in cinema through The Contenders platform for some time.


Valkyrie Marketing Services invites you to participate in a Property Crowd Funding opportunity. Syndicate Members will be entitled to 8% interest (10% for investments over £100,000) from the date of their investment (expected to be 30 September next) until their equity is repaid.