# The Carry > The Carry is a free weekly editorial newsletter for serious UK angel investors. It publishes independent reporting on Britain's early-stage market - UK dealflow, EIS, SEIS, and the policy that moves it - every Wednesday morning from London. The Carry is editorial journalism, not investment advice. It is independent and not affiliated with any fund, syndicate, accelerator, or investment platform. It does not provide personal recommendations or tell readers what to buy or sell. ## Core pages - [Home](https://thecarry.co.uk/): What The Carry is, recent reads, and how to subscribe. - [About](https://thecarry.co.uk/about): Who writes the publication, its mission, and editorial standards. - [FAQ](https://thecarry.co.uk/faq): Common questions - what it covers, who it is for, how often it publishes, and what it is not. - [Reads](https://thecarry.co.uk/reads): Everything published in one filterable feed - newsletter issues and essentials. - [Essentials](https://thecarry.co.uk/essentials): Plain-English explainers on UK angel investing - SEIS, EIS, term sheets, finding deals, and the rules that matter. - [Subscribe](https://thecarry.co.uk/subscribe): Join the newsletter (free). - [Full content map](https://thecarry.co.uk/llms-full.txt): every Essentials explainer in one machine-readable file. ## Essentials (evergreen explainers on UK angel investing) Plain-English, independent guides - editorial, not advice. Browse by topic: - [Getting started](https://thecarry.co.uk/essentials/getting-started): the basics of UK angel investing, from your first cheque to a real portfolio. - [SEIS & EIS](https://thecarry.co.uk/essentials/seis-and-eis): how the UK tax reliefs work for investors - SEIS, EIS and VCT, rates, limits and how to claim. - [Deal mechanics](https://thecarry.co.uk/essentials/deal-mechanics): term sheets, SAFEs, valuations, share classes and dilution. - [Finding deals](https://thecarry.co.uk/essentials/finding-deals): syndicates, networks, platforms and where UK dealflow comes from. - [Rules & eligibility](https://thecarry.co.uk/essentials/rules-and-eligibility): sophisticated-investor and high-net-worth rules, the FCA lines, due diligence and the legals. - [Portfolio & strategy](https://thecarry.co.uk/essentials/portfolio-and-strategy): cheque sizing, diversification, follow-ons, returns and exits. Cornerstone explainers: - [What is SEIS?](https://thecarry.co.uk/essentials/what-is-seis-the-seed-enterprise-investment-scheme-explained): the Seed Enterprise Investment Scheme, explained for investors. - [What is EIS?](https://thecarry.co.uk/essentials/what-is-eis-the-enterprise-investment-scheme-explained): the Enterprise Investment Scheme, explained for investors. - [SEIS vs EIS](https://thecarry.co.uk/essentials/seis-vs-eis-the-key-differences-for-investors): the key differences for investors. - [What is angel investing?](https://thecarry.co.uk/essentials/what-is-angel-investing-a-plain-english-uk-guide): a plain-English UK guide. - [How to become an angel investor in the UK](https://thecarry.co.uk/essentials/how-to-become-an-angel-investor-in-the-uk-step-by-step): a step-by-step guide. - [What changed for UK angels in 2026](https://thecarry.co.uk/essentials/what-changed-for-uk-angels-in-2026): the 2026 tax changes for angels - VCT, EIS limits, BPR, BADR and carried interest - in one place. - [Which structures keep your SEIS/EIS relief](https://thecarry.co.uk/essentials/which-deal-structures-keep-your-seis-eis-relief): the deal instruments that keep or quietly kill the tax relief. - [What to do after selling your company](https://thecarry.co.uk/essentials/what-to-do-after-selling-your-company-uk): the UK founder's option map for the proceeds - the tax the sale triggered, the reinvestment reliefs, and the pacing question. - [From angel to fund manager: the FCA reality](https://thecarry.co.uk/essentials/from-angel-to-fund-manager-the-fca-reality): where the regulated perimeter sits once an angel starts handling other people's money, and the routes through it. - [How angels build proprietary deal flow](https://thecarry.co.uk/essentials/how-to-build-proprietary-deal-flow-as-an-angel): the sources that are actually yours, ranked honestly, and the long game that builds them. - [UK pre-seed and seed valuation benchmarks for 2026](https://thecarry.co.uk/essentials/uk-pre-seed-and-seed-valuation-benchmarks-2026): the 2026 UK seed valuation ranges, led by the British Business Bank, with pre-seed handled honestly where the open data is thin. - [Is this round priced sanely? A valuation sanity-check](https://thecarry.co.uk/essentials/is-this-round-priced-sanely-a-valuation-sanity-check): the quick read an angel runs on a price, against benchmark, dilution, round size and stage. - [How many hours of due diligence?](https://thecarry.co.uk/essentials/how-many-hours-of-due-diligence-angel-investing): the data on diligence effort versus outcome, with the US (2007) and UK (2009) studies dated honestly. - [AI due diligence tools: what they do for angel investors](https://thecarry.co.uk/essentials/ai-due-diligence-tools-what-they-do-for-angel-investors): what AI does in a deal review, where it helps, and what stays human. - [Angel portfolio maths: the realistic numbers](https://thecarry.co.uk/essentials/angel-portfolio-maths-the-realistic-numbers): the honest UK returns data (NESTA 2009: 2.2x mean, 56% of exits below capital) and a worked illustration across a book. - [What share of angel investments actually fail? The real loss ratio](https://thecarry.co.uk/essentials/what-share-of-angel-investments-fail-the-loss-ratio): the dated UK loss-rate figures and how to read evidence this old. - [Is AI seed valuation a bubble? The 2026 picture](https://thecarry.co.uk/essentials/is-ai-seed-valuation-a-bubble-2026): both sides of the AI-pricing question, named and attributed, with no market call. - [Which sectors are UK angels backing in 2026?](https://thecarry.co.uk/essentials/which-sectors-uk-angels-are-backing-2026): where UK early-stage capital flows by sector, from HMRC and British Business Bank data. - [How VCTs work for an investor: the allowance, the rules and selling](https://thecarry.co.uk/essentials/how-vcts-work-for-an-investor-allowance-dividends-and-selling): the VCT mechanics, the £200,000 allowance, 20% relief, the five-year and six-month rules, tax-free dividends, the CGT exemption and how you exit. - [VCT vs ISA vs pension: how the tax wrappers compare](https://thecarry.co.uk/essentials/vct-vs-isa-and-sipp-how-the-tax-wrappers-compare): the three UK shelters side by side on upfront relief, tax on the way out, annual limits, liquidity and risk. - [Do VCTs reduce inheritance tax? What VCT relief actually covers](https://thecarry.co.uk/essentials/do-vcts-reduce-inheritance-tax-what-vct-relief-covers): why VCT shares get no Business Property Relief, where the EIS and AIM confusion comes from, and the taxes VCT relief does cover. ## Issues - [Issue 16: When Your Winner's Markup Costs You the Most](https://thecarry.co.uk/issues/issue-16-the-up-round-you-cant-bank): The up-round that flatters an angel's book and weakens their hand (10 June 2026). - [Issue 12: Pricing the Dull Deck in a Market Built for AI](https://thecarry.co.uk/issues/issue-12-the-two-price-market): The two-price seed market and the AI premium hiding in ordinary decks (13 May 2026). - [Issue 07: Which Seat You Were in When the Tax Year Turned](https://thecarry.co.uk/issues/issue-07-the-tax-year-reset): The April 2026 tax reset read seat by seat (8 April 2026). ## What it covers - UK angel dealflow: an independent read on the seed and Series A rounds shaping the market. - EIS, SEIS and tax policy: the rules and thresholds that change the maths on angel investing. - The psychology of the round: who is leading, who is following, and how deals actually get done. - Regional dealflow across London, the South East, the Midlands, the North, Scotland, Wales and Northern Ireland. ## Key facts - Format: one editorial email, every Wednesday morning. About six minutes to read. - Price: free. No paywall, no premium tier today. - Location: written and edited in London, United Kingdom. - Independence: takes no money from the funds it covers and runs no sponsored content disguised as editorial. - Not advice: editorial reporting and analysis only, not regulated investment advice.