asked the Minister for Finance in respect of each year since 1984 the total cost to the Exchequer in terms of tax foregone of tax refliefs granted to companies under the business expansion scheme established under the Finance Act, 1984; the total number of companies which benefitted in each year; and the average tax benefit to companies in each year.
Written Answers. - Tax Reliefs.
31.
Relief from income tax is available under the provisions of Chapter II of the Finance Act, 1984 to individuals who invest long term risk capital in certain corporate trades. There is no direct tax benefit to the companies carrying on these trades. Following is the information available:
|
Year ended 5 April |
Number of companies approved for investment |
Cost to the Exchequer of tax relief to investors in those companies |
|
£ millions |
||
|
1985 |
10 |
0.9 |
|
1986 |
29 |
2.0 |
|
1987 |
86 |
3.4 |