A recent consultation outcome published by HMRC has taken on board the recommendation of the NI Tax Committee that the advance assurance process for the tax-advantaged venture capital schemes remains open.

In the original consultation one of the options proposed was that the service be closed. Instead of closing the service, HMRC will now carry out further work to determine how it can be streamlined.

The expectation is that this work will focus initially on the following areas:

• improving HMRC’s communications and guidance, including scope for checklists that can be used when applying for an advance assurance; and
• exploring the scope for using standard documents in specific circumstances, particularly very small companies and with fund managers