EIS: income tax relief: company and investor procedures: company procedures: refusal to authorise issue of EIS3
If, after obtaining all necessary information, the officer decides that not everything on the form EIS1 is correct, a formal refusal to authorise the issue of certificates to the subscribers will be sent. The refusal will normally be in the following form.
‘The company’s statement on form EIS1 relating to the share issue made on [date] and dated [date form signed] has been duly considered and I hereby give notice of my decision as follows: authority under Section 204(3) of the Income Tax Act 2007 (ITA) to issue certificates under Section 203(1) ITA is refused. The grounds of this decision are that the statement is not correct in the following respect[s]: [specify].
If the company does not wish to accept this decision it may appeal against it. Written notice of any appeal should be given to me within thirty days of receipt of this notice.
If you appeal I will consider any further information you send me and try to reach agreement with you. If we cannot agree, you can
* ask for my decision to be reviewed by an HMRC officer not previously involved in the matter, or * notify your appeal to an independent tribunal
If you opt for a review you can still notify your appeal to the tribunal after the review has finished.’