Income Tax Act 2007 section 257GF

Information to be provided by the issuing company etc

Section 257GF requires the issuing company (and connected persons with knowledge) to notify HMRC when certain events occur that affect SEIS compliance after a compliance statement has been submitted.

• Once a compliance statement has been filed with HMRC, the issuing company must report any event that causes a breach of the spending requirement, disqualifies the company, or triggers withdrawal or reduction of SEIS relief
• Both the issuing company and any connected person who knows about the event must notify HMRC with full particulars of the event
• The issuing company must generally notify HMRC within 60 days of the event, or within 60 days of becoming aware of the event where value is received from a connected person
• Where the event involves value received by the investor, the notice must also include details of any replacement value received or expected to be received