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HMRC internal manual

Venture Capital Schemes Manual

From
HM Revenue & Customs
Updated
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SEIS: company and investor procedures: company procedures: company’s statement on SEIS1

ITA07/S257EC(2), S257ED

A company whose new shareholders ask it for certificates enabling them to claim relief cannot issue them without first obtaining authority from HMRC. To do this the company must provide HMRC with a statement to the effect that the conditions for the relief (apart from any which relate to the investor) have been satisfied so far, and that it intends to ensure that they continue to be satisfied. It is therefore not possible for a company to obtain authority to issue certificates once it has ceased to satisfy any condition. So for instance, coming under the control of another company would make the issue of certificates impossible even where, had relief already been obtained, it would have been preserved by the operation of ITA07/S257HB (see VCM37030).

Where there is more than one issue of shares, the company must submit a separate statement in respect of each issue. (All shares of the same class issued on the same day count as one issue).

The company cannot submit an SEIS1 until either:

  • it has been trading for at least four months, or
  • it has spent at least 70 percent of the monies raised by the relevant issue of shares.