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More than meets the eye?
KEY POINTS
- A university spin-out company was formed to develop and commercialise automotive products.
- In September 2014 Oxbotica issued 100 000 £0.01 ordinary shares to five original subscribers.
- HMRC’s initial view was that subscriber shares would rarely be eligible for relief under the seed enterprise investment scheme.
- Was the money raised from the share issue too small to be of meaningful use?
- The tribunal’s view was that HMRC’s argument regarding the amount of the investment would lead to impossible uncertainty.
- Is it time for the venture capital schemes to be reformed to make them more user-friendly?
At first sight the issues addressed by the First-tier Tribunal’s decision in Oxbotica Ltd (TC6538) appear straightforward but there is more to this case than meets the eye....
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