Ascension Media Group LLP, the creative industries and digital technology ventures firm, is launching the UK’s first Seed Enterprise Investment Scheme (SEIS), allowing investors to obtain up to 78% tax relief in the tax year 2012/13.
The investment fund, to be named Ascension Seedcapital for Creative Enterprise and Digital (‘ASCEND), will be in operation as soon as Government’s legislation introducing the SEIS comes into effect on 6 April 2012, the beginning of the new tax year. The fund will be managed by Ascension Ventures, the venture investment arm of Ascension Media Group.
Announcing the initiative, Ascension Media Group Founder and CEO, Sanjay Wadhwani (pictured), says: “The creative industries and digital technology sectors in the UK offer very attractive opportunities for investment. The Government’s introduction of the Seed Enterprise Investment, designed to promote investment in new ventures, to aid economic growth in the UK, is a welcome initiative which will make investment in our sectors even more attractive than ever before.
Access to capital is just one of the vital ingredients that new ventures in our sector need, in addition to deep industry experience and access to contacts with key decision makers across the sector, which Ascension Media Group provides.’’
