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Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you are unlikely to be protected if something goes wrong.

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This page is intended for UK financial advisers, wealth managers, paraplanners or other members of staff at firms authorised by the Financial Conduct Authority to carry out regulated financial activities.

Introduction to EIS

Here we explain the background to the Enterprise Investment Scheme, which companies would qualify, the EIS tax reliefs available for investors and where EIS managers fit in.

What is the background?

Which companies qualify?

What are the tax reliefs?

Where does the manager come in?

Key product information – Information Memorandum

Calculus EIS Information Memorandum

Traditional EIS vs Knowledge Intensive Approved EIS

There are two ways of investing in an EIS Fund – an unapproved, commonly known as a traditional or generalist EIS or an approved EIS

The main difference between approved and unapproved EISs is the timing the investor can claim tax reliefs. With an approved structure an investor can claim full income tax relief in the year the subscription is made (or carry back to the previous year). With an unapproved fund, the dates in which the investments are made into each underlying company are pertinent for tax reliefs. These individual investments may straddle multiple tax years.

To be treated as an approved EIS fund, there are additional conditions from HMRC, including 80% of the funds must be invested in knowledge intensive companies, and 50% of the funds must be invested within 12 months of the fund closing (and a total of 90% within two years).

Calculus VCT

Calculus VCT – Presentation

Calculus VCT – Brochure

Calculus VCT Brochure 2023

Consumer Duty

Calculus Fair Value Statement

Calculus Fair Value Statement

Important Information

The investments referred to in this website are not suitable for all investors. Calculus Capital Limited is not able to give advice to prospective investors about the suitability of the investments. Prospective investors are recommended to seek specialist tax and financial advice before investing in the Calculus EIS Fund or Calculus VCT.

An investment into the Calculus EIS Fund of Calculus VCT may only be made on the basis of reading in full the information set out in the relevant Information Memorandum or prospectus.

When investing, your capital is at risk. The value of shares and income from them may go down as well as up and despite the tax relief you may not recover the amount originally invested. An investment in smaller and unquoted companies carries a higher risk than many other forms of investment. Shares in unquoted companies are not readily marketable. You should not invest in an EIS or VCT unless you can afford to lose some or all of your capital.

An EIS or VCT investment is only appropriate for investors with a medium to long term investment horizon; the timing and extent of realisation cannot be predicted and may extend beyond five years. It is not possible to allow a partial withdrawal of your investment. You may request a total withdrawal, but since many investments made will be in unquoted companies, this may not be possible. Withdrawal within three years for the EIS and five years for the VCT would lead to repayment of any tax reliefs received.

The tax benefits available depend upon your individual circumstances and these benefits may change dependent upon future legislation.

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Important Information

The investments referred to in this website are not suitable for all investors. Calculus Capital Limited is not able to give advice to prospective investors about the suitability of the investments. Prospective investors are recommended to seek specialist tax and financial advice before investing in the Calculus EIS Fund or Calculus VCT.

An investment into the Calculus EIS Fund of Calculus VCT may only be made on the basis of reading in full the information set out in the relevant Information Memorandum or prospectus.

When investing, your capital is at risk. The value of shares and income from them may go down as well as up and despite the tax relief you may not recover the amount originally invested. An investment in smaller and unquoted companies carries a higher risk than many other forms of investment. Shares in unquoted companies are not readily marketable. You should not invest in an EIS or VCT unless you can afford to lose some or all of your capital.

An EIS or VCT investment is only appropriate for investors with a medium to long term investment horizon; the timing and extent of realisation cannot be predicted and may extend beyond five years. It is not possible to allow a partial withdrawal of your investment. You may request a total withdrawal, but since many investments made will be in unquoted companies, this may not be possible. Withdrawal within three years for the EIS and five years for the VCT would lead to repayment of any tax reliefs received.

The tax benefits available depend upon your individual circumstances and these benefits may change dependent upon future legislation.

This site uses cookies as described in our Cookie Policy. By continuing to browse this site you are agreeing to our use of cookies.

I have read and understood this important information