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Sept. 26 (Bloomberg) — U.K. Chancellor of the Exchequer George Osborne will press ahead with plans to introduce tax reductions for investors in small high-tech start-ups after getting approval from European competition authorities.

The European Commission endorsed a plan for the Enterprise Investment Scheme to increase income-tax breaks to 30 percent from 20 percent on investments made since April, when Osborne proposed the measure in his annual budget. The program also doubles the amount that can be invested to 1 million pounds ($1.5 million).

“These changes will give a bigger tax break for those who take risks for jobs and growth,” Osborne said in a statement released by his office today.

The concession will cost 100 million pounds a year, the Treasury said. The program supported 1,800 projects and 500 million pounds of investments in the fiscal year that ended in March 2009, the Treasury said.

–Editors: Eddie Buckle, Alex Devine

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