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HMRC internal manual

Venture Capital Schemes Manual

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HM Revenue & Customs
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Introduction to the Venture Capital Schemes Manual: what is in the Venture Capital Schemes Manual?

The VCM starts with an explanation of the background to a group of schemes known as the venture capital schemes. It then explains each of the schemes in turn. The structure of the guidance closely follows the legislation.

Background

VCM2000 onwards contains an overview of the background of the schemes. Use this section to find out the aims, history and similarities and differences of the schemes, and the abbreviations used. This section also covers the work of the Small Company Enterprise Centre (SCEC) which administers the Enterprise Investment Scheme, the Seed Enterprise Investment Scheme, the Venture Capital Trust scheme and the Corporate Venturing Scheme. SCEC does not deal with claims for Share Loss Relief.

Excluded activities

VCM3000 onwards contains guidance on excluded activities which is common to all of the schemes. Use this section to find guidance on the income tax legislation at ITA07/S192 to S199 and S303 to 310.

Enterprise Investment Scheme (EIS)

VCM10000 onwards contains detailed guidance on the EIS. Use this section to find guidance on the income tax legislation at ITA07/Part 5, capital gains disposal relief at TCGA92/S150A and capital gains deferral relief at TCGA92/SCH5B. The guidance also deals with non-statutory matters such as advance assurance requests and other procedures.

Seed Enterprise Investment Scheme (SEIS)

VCM30000 onwards contains detailed guidance on the SEIS which was introduced by Finance Act 2012. Use this section to find guidance on the income tax legislation at ITA07/Part 5A, capital gains disposal relief at TCGA92/S150E and capital gains re-investment relief at TCGA92/Schedule 5BB. The guidance also deals with non-statutory matters.

Venture Capital Trusts (VCT)

VCM50000 onwards contains detailed guidance on the VCT. Use this section to find guidance on the income tax legislation at ITA07/Part 6, capital gains disposal relief at TCGA92/S151A, capital gains deferral relief (up to 6 April 2004) at TCGA92/Schedule 5C, and various statutory instruments. Again there is also guidance on non-statutory procedures.

Share Loss Relief (SLR)

VCM70000 onwards contains detailed guidance on the SLR. Use this section to find guidance on income tax legislation at ITA07/Part4/Chapter 6 and CTA10/Part4/Chapter 5.

Corporate Venturing Scheme (CVS)

VCM90000 onwards contains detailed guidance on the CVS. Use this section to find guidance on legislation at FA2000/Schedule 15. Note, however, that the CVS stopped on 1 April 2010 and therefore this guidance only applies to shares issued on or before 31 March 2010.