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VCT and EIS

This section provides an analysis of the tax reliefs afforded by Venture Capital Trusts and the Enterprise Investment Scheme, and highlights the important differences between the two schemes.

These schemes provide considerable tax reliefs, although, as ever, professional advice must be sought before making investments that qualify for these reliefs.

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    • 26-May-2011Self Assessment Tax Return - Penalties

      From April 2011, if a Self Assessment Tax Return is filed late or tax paid late, then the following penalties will apply:

      Penalties for filing late

      One day late and you will be charged an initial penalty of £100 (even if you have no tax to pay or you have already paid all the tax you owe).

      Three months late and you will be charged an automatic daily penalty of £10 per day, up to a maximum of £900.

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