VCM12010 - EIS: income tax relief: general requirements: overview
ITA07/S172
As well as the investor requirements (see VCM11000+) and issuing company requirements (see VCM13000+) there are general requirements relating to the investment and how it is used. Chapter 3 of ITA07/Part 5 sets out the requirements to be met as to:
- the shares (see VCM12020),
- advance Subscription Agreements (see VCM12025)
- maximum amount raised annually through risk capital schemes requirement (see VCM12030)
- maximum amount raised through risk finance investments, overview (see VCM12031)
- amount raised through risk finance investments requirement: maximum amount raised annually (see VCM12032)
- maximum amount raised in the company's lifetime (see VCM12033)
- the spending of any previously raised SEIS money (see VCM12040)
- the purpose of the issue of shares (see VCM12050),
- the use of the money raised (see VCM12060) and (see VCM12110 for the meaning of ‘qualifying business activity’),
- the minimum period (see VCM12070),
- no pre-arranged exits (see VCM12080),
- no tax avoidance (see VCM12090), and
- no disqualifying arrangements (see VCM12100).