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Enterprise Innovation Scheme
An update on the Enterprise Innovation Scheme (EIS) and some of the practical considerations relating to the claim.
As a recap, under the Enterprise Innovation Scheme (EIS), eligible businesses will benefit from enhanced or new tax deductions and allowances on qualifying expenditure incurred during the basis periods for Year of Assessment (YA) 2024 to YA 2028. In addition, eligible businesses may opt to convert the qualifying expenditure into a non-taxable cash payout.
In view of the upcoming YA 2024 income tax return filings, we provide an update of this new scheme and highlight some of the practical considerations relating to the claim for the EIS benefits.