There is an extension to entrepreneurs’ relief (ER) for “long-term investments” which could benefit those making investments into smaller companies. This will be available to investors (not employees) who subscribe for new shares in an unlisted trading company on or after 17 March 2016. The shares need to have been held continually for a period of three years before disposal. Qualifying gains will be taxed at 10%, subject to a £10 million lifetime limit. This is separate from the existing ER lifetime limit.