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HMRC internal manual

Venture Capital Schemes Manual

HM Revenue & Customs
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VCT: VCT qualifying holdings: spending of SEIS money


If a company has previously raised under money via a share issue which has qualified for relief under the Seed Enterprise Investment Scheme (SEIS), the company must have spent at least 70% of that money, as required by ITA07/S257CC (see VCM33040), before a VCT can make an investment of any kind in the company.