For the investor to qualify for any of the available enterprise investment scheme (EIS) tax reliefs, the investment must be in an EIS qualifying company and in relevant shares. For more detail on the tax reliefs, see the Enterprise investment scheme tax relief guidance note and for more details of the conditions to be met by the investor, see the Conditions to be met by the EIS investor guidance note.
The rules which determine whether the shares are relevant shares and whether a company is qualifying for EIS broadly cover:
the nature of the relevant shares
the kind of company
the amount of money it can raise
how and when the money raised is used in the trade
the type of activities carried on by the company
ITA 2007, ss 172, 180
Note that a sunset clause for EIS income tax relief exists which is 6 April 2035 although this date can be amended by Treasury Order.
There are a number of requirements
Self assessment ― estimates and provisional figuresIf the taxpayer does not have sufficient information to enable them to complete the tax return in the time allowed, they should include either a best estimate or a provisional figure. The taxpayer should not either leave a box blank or enter
Bare trusts ― income tax and CGTThis guidance note explains how trustees of bare trusts are treated for income tax and capital gains purposes. Although a bare trust is, in equity, a type of trust, for both income tax and capital gains tax purposes its existence is transparent. This means that no tax
VAT registration ― artificial separation of business activities (disaggregation)This guidance note should be read in conjunction with the VAT registration ― compulsory guidance note and is relevant to persons established or resident in the UK. Persons that are not established or resident in the UK