This book examines tax incentives for investors in start-up companies
through a critical analysis of Australia's early-stage investors (ESI)
program, and a comparison of that program with the United Kingdom's Seed
Enterprise Investment Scheme (SEIS) upon which it is loosely modelled.
It discusses the importance of innovation and the special role that
venture capital plays in supporting start-ups, and explains the policy
rationale for introducing the ESI program as well as dissecting its
technical requirements in detail. Special attention is devoted to the
program's 'early stage' and 'innovation' requirements, which are crucial
for determining whether a start-up qualifies for the tax incentives.
The book is the first in-depth scholarly legal analysis of the ESI
program and the first occasion it has been compared and contrasted with
a foreign program. The comparative discussion of the ESI program with
the SEIS program enables the authors to make suggestions for reforms to
the ESI program so that it can better achieve its policy objectives. The
fact that the book includes reform suggestions makes it particularly
interesting for policy makers. It is also of broad relevance to legal
and finance scholars and students as well as entrepreneurs, angels,
venture capitalists and their advisors.