Fear high net worths 'might not bite'
An Island accountancy firm is calling for changes to a government scheme designed to attract 'angel' investors to back new enterprises.
Price Waterhouse Coopers has raised concerns about the rules governing the Manx Enterprise Investment Scheme (MEIS), which offers tax relief to those willing to risk a stake in a start-up firm.
PwC's tax director Andrew Cardwell says the minimum investment level for relief should be lowered from £10,000 - to encourage more ordinary people to take part.
Meanwhile, at the upper end, he fears there may be few takers, as a £100,000 investment is needed to gain maximum annual tax relief of £20,000.
Mr Cardwell says those in the 'high net worth' bracket might be put-off - as they cannot claim the relief:
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