VCM12010 | EIS: income tax relief: general requirements: overview

ITA07/S172

As well as the investor requirements (see VCM11000+) and issuing company requirements (see VCM13000+) there are general requirements relating to the investment and how it is used. Chapter 3 of ITA07/Part 5 sets out the requirements to be met as to:

• the shares (see VCM12020),

• advance Subscription Agreements (see VCM12025)

• maximum amount raised annually through risk capital schemes requirement (see VCM12030)

• maximum amount raised through risk finance investments, overview (see VCM12031)

• amount raised through risk finance investments requirement: maximum amount raised annually (see VCM12032)

• maximum amount raised in the company's lifetime (see VCM12033)

• the spending of any previously raised SEIS money (see VCM12040)

• the purpose of the issue of shares (see VCM12050),

• the use of the money raised (see VCM12060) and (see VCM12110 for the meaning of ‘qualifying business activity’),

• the minimum period (see VCM12070),

• no pre-arranged exits (see VCM12080),

• no tax avoidance (see VCM12090), and

• no disqualifying arrangements (see VCM12100).