VCM34120 | SEIS: income tax relief: issuing company: no previous other risk capital schemes investments

ITA07/S257DK

Neither the company nor any company which is a qualifying subsidiary at the time of issue of the relevant shares, may have received any investment under either the EIS or VCT scheme at any time up to and including the day the relevant shares are issued.

A company is regarded as having received an EIS investment if it has issued shares and at any time provides a form EIS1 (compliance statement) in respect of them.

A company is regarded as having received VCT investment if a VCT makes an investment of any kind in the company.

A ‘qualifying subsidiary’ is defined at ITA07/S191. See also VCM34140and VCM13130.

See VCM12030 and VCM54140 for rules relating to issues of EIS shares and VCT investments following an issue of shares qualifying for SEIS relief.