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HMRC internal manual

Venture Capital Schemes Manual

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HM Revenue & Customs
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SEIS: income tax relief: company and investor procedures: overview

An investor cannot claim SEIS income tax relief until the company that issued the shares sends a form SEIS3 to the investor. There are various procedures that the company and the investor must follow. VCM35080+ sets out what the company has to do and VCM35150+ sets out what the investor has to do.

SEIS is administered in HMRC by the Small Companies Enterprise Centre (‘SCEC’) - seeVCM2070.

The SCEC decides if a company and a share issue qualify, and is responsible for monitoring companies to ensure that they continue to meet the requirements of the scheme for the duration of the qualifying period for any share issue.

In advance of inviting applications for shares, companies hoping to attract subscriptions under the SEIS can seek assurance that they are likely to satisfy the conditions of the scheme insofar as the company requirements are concerned. There is no requirement for them to seek this assurance, and neither is there a requirement for them to register with HMRC in advance of an issue of shares. Guidance on advance assurances is at VCM35030+.