CVS: investors and reliefs: statutory procedure
In outline, the statutory procedure, set out in Part V of Schedule 15, which governs the obtaining of investment relief is as below.
The company which has issued the shares supplies a statement to HMRC (a ‘compliance statement’) on form CVS1, giving information about such matters as its trade and its capital structure and reporting details about the share issue and the subscriber.
If they are satisfied with the statement HMRC sends the issuing company a blank form CVS3 and authorise it to complete and issue the form.
The company sends the completed form CVS3 (the ‘compliance certificate’) to the investing company.
The functions of HMRC are carried out by the Small Company Enterprise Centre (seeVCM2070).