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...Living accommodation; Flat out
Employing EIS funds
Under ITA 2007 s 175 all funds raised by the issue of the enterprise investment scheme (EIS) shares must be employed within two years (the company is already trading) but how is “employed” defined?
Our client’s project involves considerable capital works which if all goes to plan should be completed within the two-year period. All the EIS money will then have been spent and “employed”. If the project does not go to plan two possible scenarios may evolve.
The first is that delays during the initial planning stage could mean that the capital works are not completed within the two-year period and some of the EIS money will not have been spent.
Having read the Skye Inns Limited decision we hope that having started the capital works the ongoing commitment will be sufficient to demonstrate...
Please reach out to customer services at +44 (0) 330 161 1234 or 'customer.services@lexisnexis.co.uk' for further assistance.
