---
title: "Evaluating Venture Capital Schemes (EIS, VCT, SITR)"
ocid: "ocds-b5fd17-637625dd-446b-4d91-b880-9008560efb8c"
canonical_url: "https://d3tenders.com/contract/?ocid=ocds-b5fd17-637625dd-446b-4d91-b880-9008560efb8c"
markdown_url: "https://d3tenders.com/contract/ocds-b5fd17-637625dd-446b-4d91-b880-9008560efb8c.md"
json_url: "https://d3tenders.com/contract/ocds-b5fd17-637625dd-446b-4d91-b880-9008560efb8c.json"
source: "Contracts Finder"
current_stage: "Award"
buyer: "H M REVENUE & CUSTOMS"
published: "2022-10-11"
---

# Evaluating Venture Capital Schemes (EIS, VCT, SITR)

Buyer: H M REVENUE & CUSTOMS  
Current stage: Award  
OCID: ocds-b5fd17-637625dd-446b-4d91-b880-9008560efb8c

[View canonical contract page](https://d3tenders.com/contract/?ocid=ocds-b5fd17-637625dd-446b-4d91-b880-9008560efb8c)  
[Download OCDS JSON](https://d3tenders.com/contract/ocds-b5fd17-637625dd-446b-4d91-b880-9008560efb8c.json)

## Summary

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.

## Notice

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.

## Key Details

| Field | Value |
| --- | --- |
| Publication source | Contracts Finder |
| Latest notice | https://www.contractsfinder.service.gov.uk/Notice/e04e0c55-2ebb-4cdb-8a12-5e9958b63a94 |
| 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 |
| All stages | Award |

## Dates

| Field | Value |
| --- | --- |
| Publication date | 11 Oct 2022 |
| Submission deadline | 23 Apr 2022 |
| Future notice date | Not specified |
| Award date | 24 Apr 2022 |
| Contract period | 24 Apr 2022 - 24 Apr 2023 |
| Recurrence | Not specified |

## Values

| Field | Value |
| --- | --- |
| Tender value | £250,000 |
| Lots value | Not specified |
| Awards value | £250,000 |
| Contracts value | Not specified |

## Status

| Field | Value |
| --- | --- |
| Tender status | Complete |
| Lots status | Not specified |
| Awards status | Active |
| Contracts status | Not specified |

## Buyer

| Field | Value |
| --- | --- |
| Main buyer | H M REVENUE & CUSTOMS |
| Locality | SALFORD |
| Post town | Manchester |
| Postcode | M60 9LA |
| Country | England |
| ITL 1 | TLD North West (England) |
| ITL 2 | TLD3 Greater Manchester |
| ITL 3 | TLD34 Greater Manchester South West |
| Local authority | Salford |
| Electoral ward | Ordsall |
| Westminster constituency | Salford |
| Delivery location | Not specified |

## Supplier

| Field | Value |
| --- | --- |
| Number of suppliers | 1 |
| Supplier names | KANTAR PUBLIC |

## CPV Codes

### Divisions

- 73 - Research and development services and related consultancy services

### Codes

- 73110000 - Research services

## Release History

- 11 Oct 2022 at 11:25 - AwardUpdate - Award Notice - https://www.contractsfinder.service.gov.uk/Notice/e04e0c55-2ebb-4cdb-8a12-5e9958b63a94
- 11 Oct 2022 at 10:00 - AwardUpdate - Award Notice - https://www.contractsfinder.service.gov.uk/Notice/e04e0c55-2ebb-4cdb-8a12-5e9958b63a94
- 20 Jun 2022 at 08:33 - AwardUpdate - Award Notice - https://www.contractsfinder.service.gov.uk/Notice/e04e0c55-2ebb-4cdb-8a12-5e9958b63a94
- 16 Jun 2022 at 12:24 - AwardUpdate - Award Notice - https://www.contractsfinder.service.gov.uk/Notice/e04e0c55-2ebb-4cdb-8a12-5e9958b63a94
- 25 May 2022 at 11:11 - Award - Award Notice - https://www.contractsfinder.service.gov.uk/Notice/e04e0c55-2ebb-4cdb-8a12-5e9958b63a94

## Documents

- https://www.contractsfinder.service.gov.uk/Notice/e04e0c55-2ebb-4cdb-8a12-5e9958b63a94
  11th October 2022 - Awarded contract notice on Contracts Finder
- https://www.contractsfinder.service.gov.uk/Notice/Attachment/18152e69-7216-44a2-9e90-b5c582e5e271
  Redacted
- https://www.contractsfinder.service.gov.uk/Notice/Attachment/390d5bbd-21fd-432b-b682-b80703b435b4
  Redacted Contract

## Provenance

This Markdown file is an alternate public rendering of the D3 Tenders contract record. The canonical page is https://d3tenders.com/contract/?ocid=ocds-b5fd17-637625dd-446b-4d91-b880-9008560efb8c. The underlying structured data is available as OCDS JSON at https://d3tenders.com/contract/ocds-b5fd17-637625dd-446b-4d91-b880-9008560efb8c.json.