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PAUL HOWARD rakes over the draft legislation for the new seed enterprise investment scheme
KEY POINTS
- New draft SEIS legislation for ITA 2007 Part 5A.
- The SEIS does not need a ‘business angel’ investor.
- The relationship between investor and company.
- Qualifying conditions for the share-issuing company.
- The compliance certificate and the claim for relief.
- The income tax and capital gains tax reliefs.
The new seed enterprise investment scheme (SEIS) was proposed in a consultation document published in July 2011 and draft legislation was published in December 2011.
The SEIS is an additional venture capital relief so the existing enterprise investment scheme (EIS) relief will continue.
The latter is subject to some more changes which will no doubt be the subject of another article. Some of the wording used in the SEIS draft legislation...
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