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Finance Act 2012

Chapter 5

48.New section 257E contains rules setting out how relief given to an individual is to be attributed to shares for which the individual has subscribed.

49.New section 257EA provides that SEIS relief can not be claimed more than five years after the SA filing deadline for the year in which the shares are issued.

50.New section 257EB provides that the investor can only claim relief if he or she has a compliance certificate from the company for the shares.

51.New section 257EC defines a compliance certificate. This is a certificate issued by the company stating that the shares meet the requirements for SEIS relief (excluding those requirements that are dependent on the investor).

52.New section 257EC(2) provides that a certificate cannot be issued until the company has supplied a compliance statement to HM Revenues & Customs (HMRC) and new section 257EC(3) that it must have authority from HMRC to issue a certificate.

53.New section 257ED defines a compliance statement. This is a statement to the effect that at the time the statement is made, the requirements for SEIS are met or have been met (excluding those requirements that are dependent on the investor).

54.New section 257ED(3) provides that the company may not make a compliance statement until either it has traded for at least four months, or at least 70 per cent of the money raised by the share issue has been spent for the purposes of the qualifying business activity for which it was raised.

55.New section 257EE provides for an appeal against a decision by HMRC not to authorise a compliance certificate.

56.New section 257EF prescribes a maximum penalty of up to £3,000 where a company negligently or fraudulently issues a certificate or statement or issues one in breach of the conditions in new section 257EC.

57.New section 257EG allows the Treasury, by order, to amend new sections 257EC and 257ED. This is intended to allow changes in the administrative processes without the need for primary legislation.

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