The tax breaks for start-ups and entrepreneurs have a sunset clause, which required new legislation to extend the reliefs to 2035, a move which had been planned by the last government in Budget 2023.

The schemes will now run until 5 April 2035 and are designed to encourage investment into new or young companies through tax-relief incentives, encouraging innovation, creating jobs and stimulating economic growth.

Both schemes offer incentives to investors of up to 30% upfront income tax relief and an exemption from capital gains tax (CGT) on any profits made after the sale of shares.