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HMRC internal manual

Venture Capital Schemes Manual

Updates: Venture Capital Schemes Manual

2016

published amendments

Introduction to the Venture Capital Schemes: Overview and background: abbreviations used
SCEC contact address updated.

published amendments

Maximum age limit for companies receiving risk finance investments: contents
Missing page link fix

published amendments

SEIS: income tax relief: introduction: commencement
Updated to reflect legislative changes.

published amendments

Average annual turnover
Examples 29 - 32 amended to show the correct 5 year periods.

published amendments

Excluded activities: provision of services or facilities for another business
Correction to CTA reference

published amendments

SEIS: income tax relief: company procedures: company and investor procedures: advance assurance requests: overview
Link fixed
EIS: income tax relief: company and investor procedures: advance assurance requests: overview
Link fixed
Link updated

published amendments

EIS: general requirements: spending of SEIS money
update fixed
Updated to reflect legislative change

published amendments

Excluded activities: provision of services or facilities for another business
Formatting correction

published amendments

Seed Enterprise Investment Scheme (SEIS): re-investment relief: introduction
Amended to reflect legislative changes

2017

published amendments

SEIS: income tax relief: company procedures: company and investor procedures: advance assurance requests: overview
Amended to add request for contact details.
EIS: income tax relief: company and investor procedures: advance assurance requests: overview
Amended to add request re company contact details.

published amendments

VCT: VCT returns: return of amounts subscribed for eligible shares: format of return
Updated attachment hyperlink
Updated the Attachment URL and Name to reflect GOV.UK external site.

published amendments

VCT: VCT returns: return of amounts subscribed for eligible shares: format of return
Updates to returns guidance to reflect use of new VCT spreadsheet along with updating contact details

published amendments

Introduction to the Venture Capital Schemes: Overview and background: abbreviations used
Minor changes, revising the SCEC Address and contact details.

published amendments

Venture Capital Schemes: changes to the Enterprise Investment Scheme and Venture Capital Trusts rules introduced by Finance Act (No.2) 2015: contents
Additional list removed from body

published amendments

Venture Capital Schemes: the changes in detail: knowledge intensive companies: contents
Deleted text in the body so links are visible
Venture Capital Schemes: companies receiving risk finance investments: follow-on funding: business plans supporting condition A and condition C
activated the link to VCM8154
Venture Capital Schemes: companies receiving risk finance investments: follow-on funding: condition C
activated the links to the VCM
Venture capital schemes: companies receiving risk finance investments: exceptions to the basic age condition: follow-on funding – condition A
activated the links to VCM 8158 & 8160
Venture Capital Schemes: companies receiving risk finance investments: exceptions to the basic age condition: introduction
activated the link to VCM8154 & 8155
Changes to the Enterprise Investment Scheme and Venture Capital Trusts rules introduced by Finance Act (No.2) 2015: Contents
Page replaced on 26 September 2017 by VCM8000
Advance assurances and EIS1 applications
Page replaced on 26 September 2017 by VCM8300
Venture Capital Trusts
Page replaced on 26 September 2017 by VCM8200
Venture Capital Schemes: the changes in detail: maximum age limit for companies receiving risk finance investments: contents
Removing the text in the body so links are directly visisble
Company reorganisations
Page replaced on 26 September 2017 by VCM8170
Venture capital Schemes: the changes in detail: funding limits for investee companies: contents
Removing text in the body leaving the links visible
The skilled employees condition
Page replaced on 26 September 2017 by VCM8167
The innovation condition
Page replaced on 26 September 2017 by VCM8166
The three relevant years preceding the investment
Page replaced on 26 September 2017 by VCM8165
The relevant operating costs
Page replaced on 26 September 2017 by VCM8164
The operating costs conditions
Page replaced on 26 September 2017 by VCM8163
Knowledge intensive companies: overview
Page replaced on 26 September 2017 by VCM8162
Knowledge intensive companies: contents
Page replaced on 26 September 2017 by VCM8161
Follow-on funding: condition A and condition C
Page replaced on 26 September 2017 by VCM8158
New product or geographic market
Page replaced on 26 September 2017 by VCM8157
Average annual turnover
Page replaced on 26 September 2017 by VCM8156
The 30 day period
Page replaced on 26 September 2017 by VCM8155
Exceptions to the basic age condition: investment to enter new product or geographic market - condition B
Page replaced on 26 September 2017 by VCM8154
Exceptions to the basic age condition: follow-on funding – condition A
Page replaced on 26 September 2017 by VCM8153
First commercial sale: groups of companies and acquired trades
Page replaced on 26 September 2017 by VCM8152
The basic age condition: first commercial sale
Page replaced on 26 September 2017 by VCM8151
Maximum age limit for companies receiving risk finance investments: contents
Page replaced on 26 September 2017 by VCM8150
Overview of the changes
Corrected the link and formatted
Use of money: no business acquisitions
Page replaced on 26 September 2017 by VCM8140
Growth and development
Page replaced on 26 September 2017 by VCM8130
Venture Capital Schemes: changes to the enterprise investment scheme and venture capital trust rules introduced by Finance Act (No.2) 2015: the changes in detail: contents
deleting the text in the body so that the links show
Lifetime limit on risk finance investments
Page replaced on 26 September 2017 by VCM8123
Annual limit on risk finance investments
Page replaced on 26 September 2017 by VCM8122
Funding limits for investee companies: Overview
Link added to page
Page replaced on 26 September 2017 by VCM8121
Funding limits for investee companies: contents
Added link to VCM8120
Page replaced on 26 September 2017 by VCM8120
Independent investor
Page replaced on 26 September 2017 by VCM8110
The changes in detail: contents
Page replaced on 26 September 2017 by VCM8100
Overview of the changes
Page replaced on 26 September 2017 by VCM8030
Background to the changes
Page replaced on 26 September 2017 by VCM8020
Introduction to the changes
Page replaced on 26 September 2017
Venture Capital Schemes: introduction to the changes: background to the changes
Corrected sub title
Venture Capital Schemes: changes to the Enterprise Investment Scheme and Venture Capital Trusts rules introduced by Finance Act (No.2) 2015: contents
Corrected sub title

published amendments

Venture Capital Schemes: risk-to-capital condition: an overview of the risk-to-capital condition
Headings and tweak to title
Headings and tweak to title
Venture Capital Schemes: Risk-to-capital condition: contents
Capitalisation and getting rid of unnecessary words
Venture Capital Schemes: risk-to-capital condition: introduction to the risk-to-capital condition
Removed contents page from section

published amendments

Venture Capital schemes: risk-to-capital condition: about the guidance
Sub menu removed

published amendments

SEIS: company and investor procedures: company procedures: advance assurance requests: information needed
Updated for new procedural requirements.
SEIS: income tax relief: company procedures: company and investor procedures: advance assurance requests: overview
Updated for procedural changes.
EIS: income tax relief: company and investor procedures: advance assurance requests: information needed
Updated to reflect service requirements
EIS: income tax relief: company and investor procedures: advance assurance requests: overview
Guidance updated to reflect changes to the advance assurance service.

2018

published amendments

Venture Capital Schemes: changes to the Enterprise Investment Scheme and Venture Capital Trusts rules introduced by Finance Act (No.2) 2015: contents
VCM8300 removed from menu
SEIS: income tax relief: company and investor procedures: contents
Updated guidance for SEIS advance assurance applications.
SEIS: company and investor procedures: company procedures: advance assurance requests: responding to applications
Updated guidance on HMRC responding to SEIS advance assurance applications.
SEIS: company and investor procedures: company procedures: advance assurance requests: circumstances where HMRC will not give an advance assurance
Updated guidance on when HMRC will not give an advance assurance under the SEIS
SEIS: company and investor procedures: company procedures: advance assurance requests: where HMRC will not be bound by an assurance given
Updated guidance on when HMRC will not be bound by the advance assurance given under the SEIS
SEIS: company and investor procedures: company procedures: advance assurance requests: information needed
Updated guidance on information needed under the SEIS when applying for advance assurance.
SEIS: income tax relief: company procedures: company and investor procedures: advance assurance requests: overview
Updated guidance for SEIS advance assurance
EIS: income tax relief: company and investor procedures: contents
Updated EIS advance assurance application guidance.
Updated guidance on EIS advance assurance applications
Updated guidance on EIS advance assurance applications
Changes to advance assurance for EIS applications.
EIS: income tax relief: company and investor procedures: advance assurance requests: responding to applications
Updated guidance on HMRC responding to the EIS advance assurance applications.
EIS: income tax relief: company and investor procedures: advance assurance requests: circumstances where HMRC will not give an advance assurance
Updated guidance on when HMRC will not give an advance assurance applications under the EIS
EIS: income tax relief: company and investor procedures: advance assurance requests: where HMRC will not be bound by an assurance given
Updated guidance for the EIS outlining when HMRC will not be bound by the advance assurance given
EIS: income tax relief: company and investor procedures: advance assurance requests: information needed
Updated guidance on the information needed when applying for the EIS advance assurance.
EIS: income tax relief: company and investor procedures: advance assurance requests: overview
Updated guidance for EIS advance assurance applications.
VCT: VCT qualifying holdings: requests for advance assurance: responding to applications
Update on the VCT guidance on HMRC responding to advance assurance applications.
VCT: VCT qualifying holdings: requests for advance assurances: circumstances where HMRC will not give an advance assurance
Update on guidance when HMRC will not give an advance assurance for applications under the VCT.
VCT: VCT qualifying holdings: requests for advance assurance: where HMRC will not be bound by an assurance given
Updated VCT guidance on circumstances when HMRC is not bound by the advance assurance given
VCT: VCT qualifying holdings: requests for advance assurance: dealing with applications
Update guidance for VCT advance assurance applications 'information needed' with the application form.
VCT: VCT qualifying holdings: requests for advance assurances: information needed
Changes to the VCT guidance on information needed when companies apply for advance assurance requests
VCT: VCT qualifying holdings: requests for advance assurances: overview
Updated current procedures on Advance Assurance requests for VCTs.

published amendments

VCT: VCT approval: definition of ‘securities’, and references to a company’s investments
Guidance amended in line with Finance Act 2018 changes
VCT: VCT approval: contents
Guidance amended in line with Finance Act 2018
Venture Capital Schemes: Risk-to-capital condition: contents
Updated sub title.
Guidance amended after consultation on the draft guidance.
Venture Capital schemes: risk-to-capital condition: about the guidance
Draft Risk to capital guidance updated to final version
Draft Risk to capital guidance updated to final version
Venture Capital Schemes: risk-to-capital condition: introduction to the risk-to-capital condition
Headings and tweak to title
Updated guidance after consultation on the published draft guidance.
Venture Capital Schemes: risk-to-capital condition: an overview of the risk-to-capital condition
Added para at the end from following section (8540)
Updated guidance after consultation on the draft guidance
Venture Capital Schemes: risk-to-capital condition: the two parts of the risk-to-capital condition
Headings reformatted
Updated after consultation on the draft guidance.
Venture Capital Schemes: risk-to-capital condition: factors to be considered
Headings reformatted
Guidance amended after consultation on the draft guidance
Venture Capital Schemes:risk-to-capital condition: advance assurance and compliance checks
Headings reformatted
Guidance amended after consultation on the draft guidance
Venture Capital Schemes: risk-to-capital condition: risk-to-capital examples
Formatting headings
Guidance amended after consultation on the draft guidance.
VCT: VCT returns: return of amounts subscribed for eligible shares: format of return
UPLOAD DOCUMENTS

published amendments

VCT: investor income tax reliefs: ‘front-end’ income tax relief: withdrawing relief
Updating guidance to bring it in line with the legislation.
VCT: investor income tax reliefs: ‘front-end’ income tax relief: assessments and claims cases
Updating the guidance in line with legislation.
VCT: investor income tax reliefs: ‘front-end’ income tax relief: PAYE coding
Updating rates and allowances to 2016-2017
VCT: investor income tax reliefs: ‘front-end’ income tax relief: reducing SA payments on account
Updating the guidance bring it in line with the legislation.
VCT: investor income tax reliefs: ‘front-end’ income tax relief: how relief is claimed and calculated
Bringing the guidance up to date.
VCT: investor income tax reliefs: ‘front-end’ income tax relief: who can claim relief
Updating the guidance in line with current lrgislation.
VCT: investor income tax reliefs: dividend exemption from income tax
Updating guidance to bring it in line with legislation.

published amendments

SEIS: company and investor procedures: company procedures: advance assurance requests: circumstances where HMRC will not give an advance assurance
spelling correction

published amendments

Excluded activities: contents
tweaking the title for 3160
title change of energy generating activities
Excluded activities: all energy generating activities
Tweaking the 'short' title
change of title
Heading styles and numbered list formatted. No change to text
Amended in line with legislation
EIS: income tax relief: company and investor procedures: contents
Re-instating page that was missing

published amendments

VCT: VCT returns: return of amounts subscribed for eligible shares: format of return
Link updated
Updating text on VCT spreadsheet
Spreadsheet link updated

published amendments

Excluded activities: contents
VCM3160 dropped off the content list
Dropped off the content list

published amendments

Excluded activities: all energy generating activities
deleting duplicate title

published amendments

VCT: VCT qualifying holdings: gross assets test
Correcting publishing style.
Corrected publishing style
Correcting publishing style
SEIS: income tax relief: issuing company: gross assets requirement
Corr.ecting publishing style
EIS: income tax relief: the issuing company: gross assets requirement
Correcting publishing style

published amendments

VCT: investor income tax reliefs: ‘front-end’ income tax relief: PAYE coding
Correcting the arithmetic in no.3 Prove coding allowances

published amendments

Excluded activities: dealing in land, in commodities or futures or in shares, securities or other financial instruments
Revised HMRC team name
Excluded activities: dealing in goods otherwise than in the course of an ordinary trade of wholesale or retail distribution
Amendment to HMRC team name

published amendments

SEIS: income tax relief: withdrawal or reduction of SEIS relief: disposal of shares
Arithmetic corrections to example 1

published amendments

VCT: VCT qualifying holdings: requests for advance assurances: overview
Update links
Update Broken Links
Update Broken Links
Correcting format
Updating the guidance to make it clearer on requirements of a VCT.
VCT: VCT qualifying holdings: requests for advance assurances: information needed
Clarifying the guidance.

published amendments

VCT: VCT qualifying holdings: requests for advance assurances: overview
Update Link
Update Link
Update link
Update Link
Update Link

published amendments

CT: investor CG disposal relief: exemption from CGT
amendment of HMRC team name
EIS: deferral relief: shares issued on or after 6 April 1998: introduction and qualifying gains
Capital Gains update on or after 6 April 2016

published amendments

EIS: income tax relief: the investor: no connection with the issuing company
Updated second bullet point to refer to the correct guidance within the VCM.

published amendments

Venture Capital Schemes: funding limits for investee companies: Overview
Clarifying notifying State aid list is not restricted to just the listed

published amendments

VCT: Small companies enterprise centre
Correction on who deals with CT affairs and VCT schemes

published amendments

VCT: VCT approval: 30% or 70% eligible shares condition
Guidance updated to FA2018 changes
VCT: VCT approval: 70% qualifying holdings condition
Guidance updated to FA2018 changes
VCT: VCT approval: conditions for provisional approval
Guidance updated to FA2018 changes
VCT: VCT approval: conditions for full approval
Guidance in line with FA2018 changes
EIS: income tax relief: general requirements: maximum amount raised annually through risk capital schemes requirement
Guidance updated incorporating chnages to FA2018.
Introduction to EIS income tax relief: form and amount of EIS relief
Guidance updated to FA2018 changes.
Excluded activities: producing steel
Guidance updated incorporating changes to FA2018 changes.
Excluded activities: producing coal
Guidance updated incorporating changes upto FA2018.
Excluded activities: shipbuilding
Guidance incorporating all changes upto FA2018 changes
VCT: VCT qualifying holdings: requests for advance assurances: overview
Guidance in line with commencement regulations published on 9/8/2018
EIS: income tax relief: company and investor procedures: advance assurance requests: overview
Guidance in line with commencement regulations published on 9/8/2018.
Venture Capital Schemes: Venture Capital Trusts
Guidance in line with commencement regulaions published on 9/8/2018
Venture Capital Schemes: knowledge intensive companies: the three relevant years preceding the investment
Guidance in line with commencement regulations published on 9/8/2018.
Venture Capital Schemes: knowledge intensive companies: the operating costs conditions
Guidance in line with the commencement regulations published on 9/8/2018
Venture Capital Schemes: the changes in detail: knowledge intensive companies: overview
Guidance in line with commencement regulations published on 9/8/2018.
Venture Capital Schemes: companies receiving risk finance investments: the basic age condition: first commercial sale
Guidance in line with the commencement regulations published on 9/8/2018
Venture Capital Schemes: funding limits for investee companies: annual limit on risk finance investments
Guidance in line with the commencement rules published on 9/8/2018
Venture Capital Schemes: funding limits for investee companies: Overview
The cahnges are in line with the commencement regulations published on 9/8/2018
Overview of the changes
Guidance in line with commencement regulations published on 9/8/2018
Venture Capital Schemes: changes to the enterprise investment scheme and venture capital trusts rules introduced by Finance Act (No.2) 2015: introduction to the changes
Guidance in line with commencement regulations published 9/8/2018
Venture Capital Schemes: the changes in detail: knowledge intensive companies: contents
Guidance in line with commencemnt regulations oublished on 9/08/2018

published amendments

Venture Capital Schemes: risk-to-capital condition: an overview of the risk-to-capital condition
Guidance in line with commencement regulations published on 9/8/2018
VCT: VCT approval: contents
Guidance in line with changes to FA2018, and new pages created
VCT: VCT qualifying holdings: contents
Guidance update in line with FA2018 changes
VCT: VCT qualifying holdings: employee numbers requirement
Guidance in line with FA2018 changes
VCT: VCT qualifying holdings: employment of money raised
Guidance in line with FA2018 changes
VCT: VCT qualifying holdings: maximum amount to be raised annually through risk finance investments requirements
In line with FA2018 changes
VCT: VCT qualifying holdings: proportion of eligible shares (10% minimum equity) requirement
In line with FA2018 changes
VCT: VCT qualifying holdings: guaranteed loans
In line with FA2018 changes
VCT: VCT qualifying holdings: overview of requirements
In line with FA 2018 changes
VCT: VCT qualifying holdings: introduction
In line with FA2018 changes

published amendments

EIS: income tax relief: supplementary and general: approved investment fund as nominee
address amended
corrected CTI&G name and contact details
VCT: VCT qualifying holdings: proportion of eligible shares (10% minimum equity) requirement
spelling correction
VCT: VCT qualifying holdings: overview of requirements
corrected spaced between words
VCT: VCT qualifying holdings: introduction
Spelling correction
VCT: VCT approval: maintaining approval: where provisional approval given
In line with FA2018 changes
VCT: VCT approval: investment limits condition
In line with FA2018 changes
VCT: VCT approval: contents
spelling correction
spelling correction
VCT: VCT approval: non-qualifying investments condition
Spelling correction
VCT: VCT approval: 30% or 70% eligible shares condition
Spelling corrections.
VCT: VCT approval: no business acquisition condition
Spelling correction
VCT: VCT approval: permitted maximum age condition
Spelling correction
VCT: VCT approval: minimum investment on further issue condition
Spelling correction
EIS: income tax relief: supplementary and general: contents
Guidance in line with FA2018 changes
EIS: income tax relief: general requirements: meaning of 'knowledge-intensive company'
Changes made in line with commencement regulations published on 9/8/2018.
Venture Capital Schemes: funding limits for investee companies: annual limit on risk finance investments
Changes in line with the commencement regulations published on 9/8/2018
Venture Capital Schemes: funding limits for investee companies: Overview
Changes made in line with commencement regulations made on 9/8/2018.
Changes made in line iwth the commencement regulations published on 9/8/2018
Venture Capital Schemes: the changes in detail: growth & development
Spelling correction

published amendments

VCT: VCT qualifying holdings: requests for advance assurances: overview
Formatting reset. No change to text.
deleting repittions in the published guidance on Gov.uk

published amendments

EIS: income tax relief: supplementary and general: contents
Page republished

published amendments

Venture Capital Schemes: risk-to-capital condition: risk-to-capital examples
clarification
Clarification
Introduction to the Venture Capital Schemes: Contacting HMRC the Venture Capital Relief Team by email
Corresponding by email identifying risks and obligations
Introduction to the Venture Capital Schemes: Overview and background: abbreviations used
The guidance has been improved to bring the content up to date
Introduction to the Venture Capital Schemes: Overview and background: changes to the Venture Capital Schemes manual
The guidance has been improved and brought upto date to FA2018 changes
Introduction to the Venture Capital Schemes: Overview and background: feedback on the manual
Improving the guidance, bringing it in line to FA2018 changes
Introduction to the Venture Capital Schemes: Overview and background: State aid implications
Improving the VCS Manual to bring it in line with changes upto FA2018
Introduction to the Venture Capital Schemes: Overview and background: the Venture Capital Relief Team
Guidance has been updated and improved to bring it in line toFA2018 changed
Introduction to the Venture Capital Schemes: Overview and background: history of the venture capital schemes
Bringing the guidance in line with FA2018-19 changes
The guidance has been improved and updated to bring it online with vchnages to FA2018
Introduction to the Venture Capital Schemes: Overview and background: the Venture Capital Schemes
Bringing the guidance upto dtae to FA2018-19 changes. Improving the custommer jpourney in using the guidance.
Updated content
Guidance improved and updated
Venture Capital Schemes: Latest updates in the venture capital scheme manual: What’s new
Guidance improved and brought up to date to include FA2018-19 changes
The guidance is oudated
Introduction to the Venture Capital Schemes manual: converting from the old Venture Capital Schemes manual
The guidance has been updated in VCM2000
Introduction to the Venture Capital Schemes manual: improving the Venture Capital Schemes manual
The guidance is outdated and no longer relevant

published amendments

Venture Capital Schemes: Latest updates in the venture capital scheme manual: What’s new
The guidance in this page has moved to VCM1010
Venture Capital Schemes: Latest updates in the venture capital scheme manual: what's new
Text moved from VCM1020 to VCM1010
error occured so updating
Updated to include VCM1020
Venture Capital Schemes: risk-to-capital condition: risk-to-capital examples
re-publsihing as amendment to example 1 not picked up on gov.uk
Introduction to the Venture Capital Schemes: Overview and background: contents
updating so VCM2035 can be published
now attaching VCM2035, conatcting HMRC by email
amending for this to pick up the page VCM2035 for contacting HMRC Venture capital relief team by email
Added items to menu
Venture Capital Schemes: Latest updates in the venture capital scheme manual: contents
correcting the short title
updating the introduction to improve customer journey

published amendments

Venture Capital Schemes: risk-to-capital condition: risk-to-capital examples
.
republish manual
.
.
.
.
.
.
Publish Manual
Introduction to the Venture Capital Schemes: Contacting HMRC the Venture Capital Relief Team by email
.
.
.
to publish manual

published amendments

Introduction to the Venture Capital Schemes: Contacting HMRC the Venture Capital Relief Team by email
republish page
.
Venture Capital Schemes: risk-to-capital condition: risk-to-capital examples
test
test
formatting
republish
put into draft
Republish Manual

published amendments

Introduction to the Venture Capital Schemes: Contacting HMRC the Venture Capital Relief Team by email
Email address updated
Email link updated.
Heading style applied, links updated. No chnage to text
Introduction to the Venture Capital Schemes: Overview and background: the Venture Capital Schemes
Page republished
Updated links. No chnages to text.