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HMRC internal manual

Venture Capital Schemes Manual

From
HM Revenue & Customs
Updated
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Exceptions to the basic age condition: follow-on funding – condition A

If a company has received its first relevant investment before the end of its initial investing period, it is eligible to receive EIS investments as follow-on funding even after the end of the company’s initial investing period under condition A of the permitted maximum age condition.

The money raised must be used on the same (“relevant”) qualifying business activities as the first relevant investment.

There is no need for the initial relevant investment to have been made under the same scheme as the follow-on funding. For example, the initial relevant investment may have been made under the Seed Enterprise Investment Scheme (SEIS) and follow-on funding could be any combination of EIS and VCT investments.