SEIS: company and investor procedures: company procedures: examination of accounts
When examining accounts for either the company issuing the shares or the company employing the money raised covering the period which includes the date of issue of the shares, the officer may take the opportunity to check the information given on form EIS1. Any enquiry thought necessary as to the way in which the money has been employed in the business and whether it was so employed before the end of the time allowed (see VCM33040) will be made at this point.
When subsequent accounts covering any part of the period up to the termination date (see VCM31140) are examined the opportunity will be taken to check that no report as to the failure of a condition of the relief should have been made.
If any enquiry needs to be made, it will normally be made informally in the first instance. If the officer thinks it necessary to use HMRC’s statutory powers to obtain information (see VCM36170), CTIAA (CT Structure, Incentives & Reliefs team) should first be consulted.