C1F1PART 5ASeed enterprise investment scheme
Pt. 5A applied by Taxation of Chargeable Gains Act 1992 (c. 12), Sch. 5BB para. 8(4) (as inserted (17.7.2012) by Finance Act 2012 (c. 14), Sch. 6 para. 5)
CHAPTER 4The issuing company
The requirements
257DLThe amount raised through the SEIS
1
The sum of the following amounts must not exceed F4£250,000—
a
the amount of the SEIS investment made in the issuing company which includes the relevant shares (“the current investment”),
b
the amount of other SEIS investments made in the issuing company on the same day as the current investment,
c
the amount of any SEIS investments made in the issuing company during the period of 3 years ending immediately before that day, and
d
the total of any other aid which—
i
is granted to the issuing company on the day the current investment is made or during that period, and
ii
disregarding any SEIS investment within paragraph (a) or (b), would be de minimis aid.
2
An “SEIS investment” is made in a company if—
a
the company issues shares (money having been subscribed for them), and
b
(at any time) the company provides a compliance statement under section 257ED in respect of the shares;
and an SEIS investment is made on the day when the shares are issued, and the amount of the investment is the amount subscribed for the shares.
3
“De minimis aid” means de minimis aid within the meaning of Article 2 of Commission Regulation (EC) No 1998/2006 (de minimis aid).
The amount of the aid is the amount of the grant, or if the aid is not in the form of a grant, the gross grant equivalent amount (within the meaning of that Regulation).
4
Subsection (5) applies where, in relation to the current investment—
a
the sum of the amounts mentioned in subsection (1) exceeds F5£250,000, but
b
the sum of the amounts in paragraphs (c) and (d) of that subsection does not exceed F3£250,000.
5
In the case of the current investment and each other SEIS investment made in the issuing company on the same day (if any)—
a
the appropriate proportion of the shares in the issue constituting the investment and the remainder are to be treated as two separate issues for the purposes of this Part, and
b
the requirement in subsection (1) is to be treated as met in respect of the issue comprised of the appropriate proportion of the shares in the issue, but not in respect of the issue comprised of the remaining shares.
6
“The appropriate proportion” of the shares is—
where—
A is F2£250,000,
B is the sum of the amounts in paragraphs (c) and (d) of subsection (1), and
C is the sum of the amounts in paragraphs (a) and (b) of that subsection.
Pt. 5A inserted (17.7.2012) (with effect in accordance with Sch. 6 para. 24(1) of the amending Act) by Finance Act 2012 (c. 14), Sch. 6 para. 1