The Calculus Capital EIS Fund 12 will be the first product from the investment manager since the UK government announced plans to stimulate economic growth by enhancing the benefits and attractiveness of tax-efficient EIS funds.

The changes, scheduled for inclusion in the 2012 Finance Bill, will increase the size of firms EIS managers can invest in. From April 2012 the amount investors can put in an EIS fund will double to £1 million (around $1.6 million).

Calculus invests primarily in established companies with potential to grow further rather than start-ups. The new fund will follow a similar investment strategy.

The five tax reliefs EIS investors benefit from are income tax relief at 30 per cent; no capital gains tax on the fund; 100 per cent inheritance tax relief; capital gains tax deferral; and loss relief up to 50 per cent of net investment after income tax relief of 30 per cent (representing combined relief tax reliefs in total of 65 per cent of the original investment).