VCM35050 | Venture Capital schemes manual: the Seed Enterprise Investment Scheme: company and investor procedures: company procedures: company’s compliance statement form SEIS1

ITA07/S257EC(2), S257ED

Companies that has issued shares must provide HMRC with a compliance statement using the SEIS1 form to the effect that the conditions for the relief (apart from any which relate to the investor) have been satisfied so far, and that it intends to ensure that they continue to be satisfied.

A company cannot issue certificates to any investors to claim tax relief until the company has been authorised by HMRC that the company meets all the qualifying conditions under the SEIS in respect of the relevant shares.

It is essential the compliance statement form is filled in accurately as the information contained within the compliance statement is the information HMRC uses to confirm the eligibility of a particular share issue for the relevant relief. Any misleading or incomplete information may result in delay of confirming the company’s eligibility under the SEIS.

A company cannot ask HMRC to issue certificates once it has ceased to satisfy any of the SEIS conditions. For example, coming under the control of another company would make the issue of certificates impossible even where, had relief already been obtained, it would have been preserved by the operation of ITA07/S257HB (see VCM37030).A company may appeal against a decision by HMRC not to authorise a compliance certificate (ITA07/S257EE).