英国天使投资税收激励政策及对我国的启示

Britain's Angel Investment Tax Incentive Policy and Its Enlightenment to China

天使投资税收激励政策是促进天使投资、完善投资体系的重要工具。近年来,随着我国资本市场的不断发展,通过税收激励政策促进天使投资引起了社会的广泛关注。英国作为天使投资发展相对成熟的代表性国家,以企业投资计划(EIS)、创业投资信托计划(VCT)和种子企业投资计划(SEIS)为核心的税收激励体系较好地促进了英国天使投资的发展。我国在天使投资的税收激励政策方面经验比较匮乏,因而可借鉴英国的经验,从实行优惠税率、亏损弥补、鼓励再投资等方面建立健全我国的创业投资税收激励体系。

Angel investment tax incentive policy is an important tool to promote the angel investment and improve the investment system. In recent years,with the continuous development of China＇ s capital market,the issue that the tax incentive policy could promote angel investment has aroused widespread concern in the world. Britain is a representative country where the development of angel investment is relatively mature. The Enterprise Investment Program（ EIS）,the Venture Capital Trust Program（ VCT） and the Seed Enterprise Investment Program（ SEIS） are the cores of tax incentive system and they facilitate the development of British angel investment. China has little experience in the tax incentive policy of angel investment. The tax incentive system for China＇s venture capital investment will be established and improved in terms of preferential tax rates,loss compensation and re-investment encouragement with the reference of British experience