Award

Evaluating Venture Capital Schemes (EIS, VCT, SITR)

H M REVENUE & CUSTOMS

This public procurement record has 5 releases in its history.

AwardUpdate

11 Oct 2022 at 11:25

Award Notice
AwardUpdate

11 Oct 2022 at 10:00

Award Notice
AwardUpdate

20 Jun 2022 at 08:33

Award Notice
AwardUpdate

16 Jun 2022 at 12:24

Award Notice
Award

25 May 2022 at 11:11

Award Notice
Summary of the contracting process

The HM Revenue & Customs has recently awarded a contract for the research project titled "Evaluating Venture Capital Schemes (EIS, VCT, SITR)". The procurement process was conducted through an open procedure (above threshold), with a value of £280,000. The contract period is from 25th April 2022 to 31st October 2022. The research focuses on tax relief evaluation of schemes such as EIS and VCT to assess social and economic impacts, fulfilling a recommendation by the National Audit Office.

This opportunity provides SMEs and research services companies a chance to engage in evaluating significant tax reliefs provided by HMRC. By participating in this project, businesses can contribute to assessing the effectiveness of tax relief schemes. The project requires contractors to develop detailed research proposals, work closely with HMRC project leads, and deliver comprehensive analytical reports. Businesses with expertise in quantitative and qualitative research methods are best suited to compete in this research tender, offering a valuable opportunity for growth and contributing to impactful evaluations of tax schemes.

Find more tenders on our Open Data Platform.
How relevant is this notice?

D3 Tenders Premium

Win More Public Sector Contracts

AI-powered tender discovery, pipeline management, and market intelligence — everything you need to grow your public sector business.

Start Free Trial Book a Demo
All Features Pricing

Notice Information

Notice Title

Evaluating Venture Capital Schemes (EIS, VCT, SITR)

Notice Description

This is a Research contract intended to evaluate the Venture Capital Schemes (Enterprise Investment Scheme [EIS] and Venture Capital Trust [VCT]) as non-structural tax relief measures. An evaluation of Seed Enterprise Investment Scheme [SEIS] is currently ongoing. In February 2020, the National Audit Office (NAO) published a report regarding HMRC tax reliefs. In particular, the report focused on non-structural tax reliefs, in which HMRC opt not to collect tax in order to pursue social or economic objectives. This report contained several recommendations for assessing and monitoring the performance of these tax reliefs, including the need for HMRC to 'develop a robust methodology to assess the value for money of different types of tax expenditures' and a 'systematic approach to the evaluation of tax expenditures'. In response to the NAO's recommendation, we developed a tax relief evaluation programme. The proposed programme focusses on the costliest non-structural reliefs with a behavioural element and other reliefs of this nature that have seen big changes in cost or profile. This current research focuses on the EIS and VCT tax reliefs. The EIS offers tax benefits when investors invest in companies which are relatively new / small (in terms of number of employees / assets) and VCTs are companies approved by HMRC to make these investments. SITR is a similar scheme focusing on social enterprises. In 2019-20 the schemes subsidised over PS34 billion of investment into UK early-stage companies. As significant economic tax reliefs, it is critical we evaluate these measures to understand both the social and economic impact of the measures both for those who have utilised the scheme and those who have not. The research process described here will draw upon external expertise to develop and conduct a robust research project for meeting these recommendations in evaluating the schemes. In order to fulfill this goal, contractors will be asked to: a) Develop a detailed and appropriate proposal for conducting this evaluation. We expect this to incluce quantitative research and qualitative research; b) Work closely with project leads at HMRC to deliver high-quality research at pace, including recruitment, data collection and analysis; and c) Provide a detailed final report of analytic findings answering a range of evaluation aims and questions which have been agreed with HMRC project leads in advance at the beginning of the project. The purpose of this research is to conduct a rigorous assessment of the schemes in terms of both social and economic impact, providing insight into the effectiveness of high-cost tax reliefs that HMRC offers. Not completing this evaluation of the schemes may put HMRC at risk of public criticism for not proactively responding to the NAO's recommendations.

Notice Details

Publication & Lifecycle

Open Contracting ID
ocds-b5fd17-637625dd-446b-4d91-b880-9008560efb8c
Publication Source
Contracts Finder
Latest Notice
https://www.contractsfinder.service.gov.uk/Notice/e04e0c55-2ebb-4cdb-8a12-5e9958b63a94
Current Stage
Award
All Stages
Award

Procurement Classification

Notice Type
Award Notice
Procurement Type
Standard
Procurement Category
Services
Procurement Method
Open
Procurement Method Details
Open procedure (above threshold)
Tender Suitability
SME
Awardee Scale
SME

Common Procurement Vocabulary (CPV)

CPV Divisions

73 - Research and development services and related consultancy services

CPV Codes

73110000 - Research services

Notice Value(s)

Tender Value
£250,000 £100K-£500K
Lots Value
Not specified
Awards Value
£250,000 £100K-£500K
Contracts Value
Not specified

Notice Dates

Publication Date
11 Oct 20223 years ago
Submission Deadline
23 Apr 2022Expired
Future Notice Date
Not specified
Award Date
24 Apr 20223 years ago
Contract Period
24 Apr 2022 - 24 Apr 2023 6-12 months
Recurrence
Not specified

Notice Status

Tender Status
Complete
Lots Status
Not Specified
Awards Status
Active
Contracts Status
Not Specified

Buyer & Supplier

Contracting Authority (Buyer)

Main Buyer
H M REVENUE & CUSTOMS
Contact Name
Available with D3 Tenders Premium →
Contact Email
Available with D3 Tenders Premium →
Contact Phone
Available with D3 Tenders Premium →

Buyer Location

Locality
SALFORD
Postcode
M60 9LA
Post Town
Manchester
Country
England
Major Region (ITL 1)
TLD North West (England)
Basic Region (ITL 2)
TLD3 Greater Manchester
Small Region (ITL 3)
TLD34 Greater Manchester South West
Delivery Location
Not specified
Local Authority
Salford
Electoral Ward
Ordsall
Westminster Constituency
Salford

Supplier Information

Number of Suppliers
1
Supplier Name

KANTAR PUBLIC

Further Information

Open Contracting Data Standard (OCDS)

View full OCDS Record for this contracting process

Download

The Open Contracting Data Standard (OCDS) is a framework designed to increase transparency and access to public procurement data in the public sector. It is widely used by governments and organisations worldwide to report on procurement processes and contracts. 

{
    "tag": [
        "compiled"
    ],
    "id": "ocds-b5fd17-637625dd-446b-4d91-b880-9008560efb8c-2022-10-11T12:25:24+01:00",
    "date": "2022-10-11T12:25:24+01:00",
    "ocid": "ocds-b5fd17-637625dd-446b-4d91-b880-9008560efb8c",
    "language": "en",
    "initiationType": "tender",
    "tender": {
        "id": "CW40013",
        "title": "Evaluating Venture Capital Schemes (EIS, VCT, SITR)",
        "description": "This is a Research contract intended to evaluate the Venture Capital Schemes (Enterprise Investment Scheme [EIS] and Venture Capital Trust [VCT]) as non-structural tax relief measures. An evaluation of Seed Enterprise Investment Scheme [SEIS] is currently ongoing. In February 2020, the National Audit Office (NAO) published a report regarding HMRC tax reliefs. In particular, the report focused on non-structural tax reliefs, in which HMRC opt not to collect tax in order to pursue social or economic objectives. This report contained several recommendations for assessing and monitoring the performance of these tax reliefs, including the need for HMRC to 'develop a robust methodology to assess the value for money of different types of tax expenditures' and a 'systematic approach to the evaluation of tax expenditures'. In response to the NAO's recommendation, we developed a tax relief evaluation programme. The proposed programme focusses on the costliest non-structural reliefs with a behavioural element and other reliefs of this nature that have seen big changes in cost or profile. This current research focuses on the EIS and VCT tax reliefs. The EIS offers tax benefits when investors invest in companies which are relatively new / small (in terms of number of employees / assets) and VCTs are companies approved by HMRC to make these investments. SITR is a similar scheme focusing on social enterprises. In 2019-20 the schemes subsidised over PS34 billion of investment into UK early-stage companies. As significant economic tax reliefs, it is critical we evaluate these measures to understand both the social and economic impact of the measures both for those who have utilised the scheme and those who have not. The research process described here will draw upon external expertise to develop and conduct a robust research project for meeting these recommendations in evaluating the schemes. In order to fulfill this goal, contractors will be asked to: a) Develop a detailed and appropriate proposal for conducting this evaluation. We expect this to incluce quantitative research and qualitative research; b) Work closely with project leads at HMRC to deliver high-quality research at pace, including recruitment, data collection and analysis; and c) Provide a detailed final report of analytic findings answering a range of evaluation aims and questions which have been agreed with HMRC project leads in advance at the beginning of the project. The purpose of this research is to conduct a rigorous assessment of the schemes in terms of both social and economic impact, providing insight into the effectiveness of high-cost tax reliefs that HMRC offers. Not completing this evaluation of the schemes may put HMRC at risk of public criticism for not proactively responding to the NAO's recommendations.",
        "status": "complete",
        "classification": {
            "scheme": "CPV",
            "id": "73110000",
            "description": "Research services"
        },
        "items": [
            {
                "id": "1",
                "deliveryAddresses": [
                    {
                        "countryName": "United Kingdom"
                    },
                    {
                        "countryName": "United Kingdom"
                    },
                    {
                        "countryName": "United Kingdom"
                    },
                    {
                        "countryName": "United Kingdom"
                    },
                    {
                        "countryName": "United Kingdom"
                    }
                ]
            }
        ],
        "value": {
            "amount": 250000,
            "currency": "GBP"
        },
        "procurementMethod": "open",
        "procurementMethodDetails": "Open procedure (above threshold)",
        "tenderPeriod": {
            "endDate": "2022-04-24T00:00:00+01:00"
        },
        "contractPeriod": {
            "startDate": "2022-04-25T00:00:00+01:00",
            "endDate": "2023-04-24T23:59:59+01:00"
        },
        "suitability": {
            "sme": true,
            "vcse": false
        },
        "mainProcurementCategory": "services"
    },
    "parties": [
        {
            "id": "GB-GOR-D25",
            "name": "H M Revenue & Customs",
            "identifier": {
                "legalName": "H M Revenue & Customs",
                "scheme": "GB-GOR",
                "id": "D25"
            },
            "address": {
                "streetAddress": "Ralli Quays, 3 Stanley Street",
                "locality": "Salford",
                "postalCode": "M60 9LA",
                "countryName": "England"
            },
            "contactPoint": {
                "name": "Ammar Ghani",
                "email": "Ammar.Ghani@hmrc.gov.uk",
                "telephone": "03000 590376"
            },
            "roles": [
                "buyer"
            ]
        },
        {
            "id": "GB-COH-13663077",
            "name": "KANTAR PUBLIC UK LIMITED",
            "identifier": {
                "legalName": "KANTAR PUBLIC UK LIMITED",
                "scheme": "GB-COH",
                "id": "13663077"
            },
            "address": {
                "streetAddress": "6 More London Place LONDON SE1 2QY GB"
            },
            "details": {
                "scale": "sme",
                "vcse": false
            },
            "roles": [
                "supplier"
            ]
        }
    ],
    "buyer": {
        "id": "GB-GOR-D25",
        "name": "H M Revenue & Customs"
    },
    "awards": [
        {
            "id": "ocds-b5fd17-637625dd-446b-4d91-b880-9008560efb8c-1",
            "status": "active",
            "date": "2022-04-25T00:00:00+01:00",
            "datePublished": "2022-05-25T12:11:34+01:00",
            "value": {
                "amount": 250000,
                "currency": "GBP"
            },
            "suppliers": [
                {
                    "id": "GB-COH-13663077",
                    "name": "KANTAR PUBLIC UK LIMITED"
                }
            ],
            "contractPeriod": {
                "startDate": "2022-04-25T00:00:00+01:00",
                "endDate": "2023-04-24T23:59:59+01:00"
            },
            "documents": [
                {
                    "id": "1",
                    "documentType": "awardNotice",
                    "description": "Awarded contract notice on Contracts Finder",
                    "url": "https://www.contractsfinder.service.gov.uk/Notice/e04e0c55-2ebb-4cdb-8a12-5e9958b63a94",
                    "datePublished": "2022-05-25T12:11:34+01:00",
                    "format": "text/html",
                    "language": "en",
                    "dateModified": "2022-10-11T12:25:24+01:00"
                },
                {
                    "id": "2",
                    "documentType": "contractSigned",
                    "description": "Redacted",
                    "url": "https://www.contractsfinder.service.gov.uk/Notice/Attachment/18152e69-7216-44a2-9e90-b5c582e5e271",
                    "format": "application/pdf"
                },
                {
                    "id": "3",
                    "documentType": "contractSigned",
                    "description": "Redacted Contract",
                    "url": "https://www.contractsfinder.service.gov.uk/Notice/Attachment/390d5bbd-21fd-432b-b682-b80703b435b4",
                    "format": "application/pdf"
                }
            ]
        }
    ]
}