VCM34010 | SEIS: income tax relief: issuing company requirements: overview

ITA07/S257D

This part of the manual deals with the rules applying to the investee company - that is, the company issuing the shares. Guidance on investor requirements is at VCM32000+ and general requirements is at VCM33000+.

The issuing company must be a ‘qualifying company’. To be a qualifying company it must satisfy certain conditions to do with:

• Trading (see VCM34020 and VCM34030),

• Carrying on a qualifying business activity (see VCM34040),

• UK permanent establishment (see VCM34050),

• Financial health (see VCM34060),

• Unquoted status (see VCM34070),

• Control and independence (see VCM34080),

• No partnerships (see VCM34090),

• Gross assets (see VCM34100),

• Number of employees (see VCM34110),

• No previous other risk capital scheme investments (see VCM34120),

• The amount raised through the SEIS (see VCM34130),

• Qualifying subsidiaries (see VCM34140),

• Property managing subsidiaries (see VCM34150).