VCM35150 - Venture Capital Schemes Manual: the Seed Enterprise Investment Scheme: income tax relief: company and investor procedures: investor claims: HMRC examining investors claim for tax reliefs

Where a claim, or a request for a current year adjustment, falls to be examined, the officer should consider the following matters:

• Was the claimant employed by the company, or a paid director of the company, at any time within the two years before the shares were issued? If so, report the facts to the Inspector who authorised the issue of the form EIS3, who will decide whether the claimant is a qualifying individual.
• Will the relief fall within the maximum amount allowed for the year in question? (See VCM31130).
• If the claim relates to shares which the claimant requires to be treated as issued in the previous year will the total amount dealt with in this year be within the maximum allowed? (See VCM31130 and VCM35170).
• Does the amount on which relief is claimed tally with the amount shown at part 1 of form SEIS3, and is the claim for the correct year?
• If part 1 of form SEIS3 shows that any value has been received, has the amount on which relief is claimed been restricted accordingly?

If for any reason the claim falls to be refused, see VCM35200.