The following Owner-Managed Businesses guidance note Produced by Tolley provides comprehensive and up to date tax information covering:
The Seed enterprise investment scheme (SEIS), like the Enterprise investment scheme (EIS), is designed to encourage individuals to invest money in shares issued by small qualifying unquoted companies.
HMRC have published some basic guidance. See the Seed enterprise investment scheme (SEIS) – introduction guidance note for an overview of the scheme.
For guidance on situations where relief is withdrawn or reduced, see the Seed enterprise investment scheme – withdrawal of relief guidance note.
There are anti-avoidance provisions to prevent an investor from obtaining income tax relief on his SEIS subscription, then selling the shares shortly afterwards. If the investor disposes of his shares within three years of issue, there will be a clawback of the income tax relief originally given. There are also clauses that treat the granting of call or put options over the shares as a disposal.
The relief that is clawed back is limited to the relief originally claimed.
The more common occasions resulting in the withdrawal or reduction of relief are considered below.
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