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HMRC internal manual

Venture Capital Schemes Manual

EIS: income tax relief: general requirements: overview


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](, 
* the maximum amount raised annually (see [VCM12030](,
* 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]( (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](