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Business angels issue warning on capital gains tax Print E-mail
Monday, 21 January 2008

Proposed changes to capital gains tax could endanger investment in Scottish start-ups and emerging companies, warned the chief executive of angel investment association LINC Scotland today. 

However, more positively, LINC Scotland said that last year saw record levels of business angel investment in Scotland, with a total of £14m invested in 61 separate deals by business angels over the course of 2007. This includes first time investments into start-up companies and top-up funding for existing businesses.

Overall, these deals generated more than £28.5m of investment in Scottish companies, with the £14m of angel money leveraging an additional £7m of other private funding sources and around £7.4m of public investment, mainly through the Scottish Co-Investment Fund, a Scottish Government initiative set up in 2003.

Investments were made in a range of different sectors, but with a strong focus on IT and life sciences. Some of the angel-led deals of 2007 included funding for Glasgow-based contact lens IP firm, Ocu-Tec; Bellshill firm Lamellar Biomedical, which is pioneering a new treatment for cystic fibrosis; and Linlithgow-based Calnex Solutions, which produces sophisticated test instrumentation for the telecoms industry

This year’s record levels of Scottish angel investment continue five years of steady progress within the sector, which has seen over £53m worth of angel investment since 2000. With additional private and public sector funding this has released a total of £147m.

LINC Scotland chief executive David Grahame said: "This has been another excellent growth year for angel investment activity in Scotland with reported figures from our members and affiliates up over 27.5 per cent on 2006.

"The Scottish Co-Investment Fund also continues to have a significant impact on activity, helping stimulate a high level of angel investment activity over the past year which has given a strong growth platform to innovative companies and created many high level jobs in the process."
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