The latest news in investment offerings, financial products and other services relative to wealth advisors and their clients.

Calculus
Calculus, a provider of tax efficient investments, has launched its third HMRC-approved Knowledge Intensive (KI) Enterprise Investment Scheme (EIS) Fund – the first KI EIS Fund to launch post budget.

The offering, which follows the government’s renewed endorsement of EIS in the budget, will give investors the opportunity to support early-stage pioneering UK companies driving innovation. Initiatives like the EIS are key to the Chancellor of the Exchequer’s Rachel Reeves plans to stimulate funding to innovative, high growth UK companies.

Offering tax free capital growth and up to 30 per cent income tax relief, approved EIS Funds are now more than ever an attractive and generous tax efficient investment product, helping to offset some of the increased demand on taxpayers following the budget. Additionally, EIS qualifying shares continue to attract 100 per cent inheritance tax relief when held for at least two years, a huge benefit soon to be revoked from the Alternative Investment Market. Tax benefits depend on the individual circumstances of each investor and may be subject to change.

Open until 4 April 2025, the fund will aim to return £2 ($2.6) tax free for every £1 invested by investing in a portfolio of entrepreneurial tech and healthcare companies, the firm said in a company.

“Calculus has been investing in knowledge intensive companies as part of its investment strategy since launching the first HMRC-approved EIS fund in 1999. Since then, it has built a long-standing reputation for profitable exits for investors,” John Glencross, chief executive and co-founder of Calculus Capital, said.

“This approved fund will not only enable easier tax planning but, in line with the Chancellor’s budget, [will] give meaningful support to a new generation of UK companies driving the digital revolution forward and improving healthcare, whilst providing purposeful investors the opportunity to grow their own wealth,” he added.

An advantage of being an approved fund is that investors can claim income tax relief in the tax year the fund closes (2024/25 in the case of the Calculus KI EIS Fund) or carry it back to the previous tax year (2023/24). By contrast, investors in ordinary, unapproved EIS funds must claim their tax relief at the point that the fund invests in the underlying companies, which may cross multiple tax years and be more challenging for tax planning. Tax benefits depend on the individual circumstances of each investor and may be subject to change.