VCM34010 - SEIS: income tax relief: issuing company requirements: overview

ITA07/S257D

This part of the manual deals with the rules applying to the investee company - that is, the company issuing the shares. Guidance on investor requirements is at VCM32000+ and general requirements is at VCM33000+.

The issuing company must be a ‘qualifying company’. To be a qualifying company it must satisfy certain conditions to do with:

• Trading (see VCM34020 and VCM34030),
• Carrying on a qualifying business activity (see VCM34040),
• UK permanent establishment (see VCM34050),
• Financial health (see VCM34060),
• Unquoted status (see VCM34070),
• Control and independence (see VCM34080),
• No partnerships (see VCM34090),
• Gross assets (see VCM34100),
• Number of employees (see VCM34110),
• No previous other risk capital scheme investments (see VCM34120),
• The amount raised through the SEIS (see VCM34130),
• Qualifying subsidiaries (see VCM34140),
• Property managing subsidiaries (see VCM34150).