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HMRC internal manual

Venture Capital Schemes Manual

SEIS: income tax relief: the investor: no linked loan


At any time in period A (see VCM31140), there must be no loans to the investor or their associates which are linked to their subscription for shares. This includes cases where credit is given or a debt due from the investor or associate is assigned.

Any individual who receives a loan which is caught by the provision is obliged under ITA07/S257GE to give notice of the fact to an officer of HMRC within 60 days of the date when the loan was made.

There is a similar requirement under the EIS - see VCM11030 for further guidance. Our interpretation is given in SP6/98, which is reproduced at VCM11030.