Q&As

When can the issuing company submit a compliance statement (on Form VCS SEIS 1) for the purposes of starting the process of claiming SEIS relief for its investors? Can the company submit the compliance statement after four months of research and development activity?

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Published on LexisPSL on 14/07/2020

The following Tax Q&A provides comprehensive and up to date legal information covering:

  • When can the issuing company submit a compliance statement (on Form VCS SEIS 1) for the purposes of starting the process of claiming SEIS relief for its investors? Can the company submit the compliance statement after four months of research and development activity?

When can the issuing company submit a compliance statement (on Form VCS SEIS 1) for the purposes of starting the process of claiming SEIS relief for its investors? Can the company submit the compliance statement after four months of research and development activity?

Form VCS SEIS 1 is the form on which an issuing company must make its compliance statement to HMRC in order to start the process of claiming SEIS relief for its investors.

As explained in Practice Note: SEIS—process for seeking advance assurance and claiming relief, under section 257ED(3) of the Income Tax Act 2007 (ITA 2007), a company cannot submit the form until either:

  1. at least 70% of the money raised by the issue has been

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