BIR Fund

The MMC Ventures BIR Fund is designed for UK resident non-domiciled individuals who wish to bring offshore funds into the UK in a tax-efficient way by investing in EIS qualifying companies.

Opportunity

Business Investment Relief (BIR) was introduced from 6 April 2012 to encourage individuals, who are UK residents for tax purposes but non-domiciled in the UK and who have claimed the remittance basis of UK taxation, to bring funds held offshore into the UK for investment in qualifying companies.

Hence the key objective of the BIR Fund is to provide eligible investors with access to a wide range of EIS-qualifying companies and the opportunity to keep profits and gains onshore once those investments have been realised.

Additionally, UK resident non-doms can gain all the benefits of EIS tax relief with respect to their UK taxable income.

Strategy

BIR is effectively the wrapper for non-doms to invest tax-efficiently in EIS companies, so MMC’s BIR Fund will invest in the same flow of EIS investments that MMC is highly regarded for.

For more information see our EIS Fund page.

Process

Our BIR Fund is open ended, enabling Subscriptions to be made at any time. Funds are held offshore in a nominee account and transferred onshore shortly before individual investments are made. We expect a full BIR contribution be invested 8-10 companies between 12 -18 months.

Each investor has an offshore account administered by our Nominee, Mainspring Fund Services (interest on cash balances accrues to the investor). The minimum Subscription to the BIR Fund is £100,000.

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