Enterprise investment scheme relief

Amount of

Legislation/Regulatory – FA2008 s. 31(2)-(4), Sch. 1, para. 13 ; ITA2007 s. 158

HMRC Guidance – VCM10530 ; VCM20060

Amount raised annually through risk capital schemes requirement

Legislation/Regulatory – FA2007 Sch. 16, para. 8 ; ITA2007 s. 173A

Assessment for withdrawal or reduction of relief

Appeals

Legislation/Regulatory – ITA2007 s. 236

Case where assessment not to be made

Legislation/Regulatory – ITA2007 s. 238

Generally

Legislation/Regulatory – ITA2007 s. 235

HMRC Guidance – DMBM407040 ; SAM22010 ; VCM15140

Time-limits

Legislation/Regulatory – ITA2007 s. 237

HMRC Guidance – CH56100 ; VCM15150

Associate, meaning

Legislation/Regulatory – ITA2007 s. 253

HMRC Guidance – VCM11100 ; VCM23370 ; VCM32020

Attribution of relief to shares

Legislation/Regulatory – ITA2007 s. 201

HMRC Guidance – VCM14120 ; VCM75460

Bare trustees

Legislation/Regulatory – ITA2007 s. 250

Chargeable gains

Generally

Legislation/Regulatory – FA98 Sch. 13, para. 24(8), 37, 42(8) ; FA99 s. 73 ; TCGA92 s. 150A, Sch. 5B

Re-investment

Legislation/Regulatory – FA99 s. 73 ; TCGA92 s. 150C, Sch. 5B

Reduction of relief

Legislation/Regulatory – TCGA92 s. 150B

Claims

Compliance appeals against refusal to authorise compliance certificate

Legislation/Regulatory – ITA2007 s. 206

Compliance certificates

Legislation/Regulatory – ITA2007 s. 204

Compliance certificates, penalties for

Legislation/Regulatory – ITA2007 s. 207

Compliance statements

Legislation/Regulatory – ITA2007 s. 205

HMRC Guidance – VCM8110

Compliance statements, penalties for

Legislation/Regulatory – ITA2007 s. 207

Entitlement

Legislation/Regulatory – ITA2007 s. 203

HMRC Guidance – VCM14130 ; VCM23200

Fraudulent certificate or statement etc.

Legislation/Regulatory – ITA2007 s. 207

Time for making

Legislation/Regulatory – ITA2007 s. 202

Commencement

Legislation/Regulatory – FA2012 Sch. 7, para. 22-25 ; ITA2007 s. 156

HMRC Guidance – VCM10510

Companies in administration or in receivership, meaning

Legislation/Regulatory – ITA2007 s. 252, Sch. 2, para. 57

Connection with issuing company

Directors

Legislation/Regulatory – ITA2007 s. 167, 168, 169

HMRC Guidance – VCM11020 ; VCM11050 ; VCM11060 ; VCM11070 ; VCM8166

Employees

Legislation/Regulatory – ITA2007 s. 167

Generally

Legislation/Regulatory – ITA2007 s. 166

Partners

Legislation/Regulatory – ITA2007 s. 167

Persons interested in capital etc. of company

Legislation/Regulatory – ITA2007 s. 170

HMRC Guidance – VCM11080

Persons subscribing for shares under certain arrangements

Legislation/Regulatory – ITA2007 s. 171

HMRC Guidance – VCM11090

Consequential repeals

Legislation/Regulatory – F(No. 2)A2015 Sch. 5, para. 20

Deferral relief

Legislation/Regulatory – TCGA92 Sch. 5B

Disposal of shares, meaning

Legislation/Regulatory – ITA2007 s. 254

HMRC Guidance – VCM23250

EIS original rate, meaning

Legislation/Regulatory – ITA2007 s. 256A

Eligibility for

Legislation/Regulatory – ITA2007 s. 157

HMRC Guidance – VCM10520 ; VCM16040

Excluded activities

Coal production

Legislation/Regulatory – ITA2007 s. 196B

Electricity, subsidised generation or export of

Legislation/Regulatory – ITA2007 s. 198

HMRC Guidance – VCM3150

Generally

Legislation/Regulatory – F(No. 2)A2015 s. 27

Hotels and comparable establishments

Legislation/Regulatory – ITA2007 s. 197

HMRC Guidance – VCM3140

Licence fees, receipt of

Legislation/Regulatory – ITA2007 s. 195

HMRC Guidance – VCM3060

Meaning

Legislation/Regulatory – ITA2007 s. 192

HMRC Guidance – VCM3010 ; VCM3020 ; VCM3030 ; VCM3040 ; VCM3050 ; VCM3060 ; VCM3070 ; VCM3080 ; VCM3090 ; VCM3100 ; VCM3110 ; VCM3120 ; VCM3130 ; VCM3140 ; VCM3150 ; VCM3160 ; VCM3170 ; VCM74330 ; VCM74620

Nursing homes and residential care homes

Legislation/Regulatory – ITA2007 s. 198

Property development

Legislation/Regulatory – ITA2007 s. 196

HMRC Guidance – VCM3080

Provision of services/facilities for another business

Legislation/Regulatory – ITA2007 s. 199

HMRC Guidance – VCM3010

Royalties, receipt of

Legislation/Regulatory – ITA2007 s. 195

Shipbuilding

Legislation/Regulatory – ITA2007 s. 196A

Ships, leasing of

Legislation/Regulatory – ITA2007 s. 194

HMRC Guidance – VCM3050

Steel production

Legislation/Regulatory – ITA2007 s. 196C

Wholesale and retail distribution

Legislation/Regulatory – ITA2007 s. 193

HMRC Guidance – VCM3030

Farming, meaning of

Legislation/Regulatory – F(No. 2)A2015 s. 28

Form of

Legislation/Regulatory – ITA2007 s. 158

General requirements

Generally

Legislation/Regulatory – F(No. 2)A2015 Sch. 5, para. 6-7

Maximum risk finance investments at issue date requirement

Legislation/Regulatory – F(No. 2)A2015 Sch. 5, para. 8

Maximum risk finance investments during period B requirement

Legislation/Regulatory – F(No. 2)A2015 Sch. 5, para. 8

Permitted maximum age requirement

Legislation/Regulatory – F(No. 2)A2015 Sch. 5, para. 12

Gross assets, value

Legislation/Regulatory – SP 2/06

Identification of shares on disposal

Legislation/Regulatory – ITA2007 s. 246

HMRC Guidance – VCM16020 ; VCM20140 ; VCM75460 ; VCM75480

Information

Investor to provide

Legislation/Regulatory – F(No. 2)A2015 Sch. 5, para. 16 ; ITA2007 s. 240, 242

HMRC Guidance – DMBM407040 ; VCM11030 ; VCM14190 ; VCM15030 ; VCM15120 ; VCM15170 ; VCM36040

Issuing company to provide

Legislation/Regulatory – ITA2007 s. 241, 242

HMRC Guidance – VCM14190 ; VCM15120

Obligations of secrecy

Legislation/Regulatory – ITA2007 s. 244

Power to require

Legislation/Regulatory – ITA2007 s. 242, 243

HMRC Guidance – VCM11090 ; VCM12090 ; VCM15170 ; VCM36170

Interpretation

Generally

Legislation/Regulatory – ITA2007 s. 252-257

HMRC Guidance – VCM13100 ; VCM14140 ; VCM15110

Knowledge-intensive company, meaning

Legislation/Regulatory – ITA2007 s. 252A(1)-(14), 331A

Investor

Connection with issuing company

Legislation/Regulatory – ITA2007 s. 166-171

Existing shareholdings requirement

Legislation/Regulatory – ITA2007 s. 164A

Information to provide

Legislation/Regulatory – ITA2007 s. 240, 242

No connection with issuing company requirement

Legislation/Regulatory – ITA2007 s. 163

HMRC Guidance – VCM11020

No linked loans requirement

Legislation/Regulatory – ITA2007 s. 164

HMRC Guidance – VCM11030

No tax avoidance requirement

Legislation/Regulatory – ITA2007 s. 165

HMRC Guidance – VCM11040

Overview

Legislation/Regulatory – ITA2007 s. 162

Value received by

Legislation/Regulatory – ITA2007 s. 213-223

HMRC Guidance – VCM15030 ; VCM15040 ; VCM20070

Issue of shares, meaning

Legislation/Regulatory – ITA2007 s. 255

Issuing company

Acquisition by new company, continuity of relief

Legislation/Regulatory – F(No. 2)A2015 Sch. 5, para. 17 ; ITA2007 s. 247-249

HMRC Guidance – VCM14050 ; VCM16030 ; VCM20190 ; VCM8154 ; VCM8170

Coal production, excluded activity

Legislation/Regulatory – ITA2007 s. 196B

Control and independence requirement

Legislation/Regulatory – ITA2007 s. 185

Excluded activities

Legislation/Regulatory – ITA2007 s. 192-200, Sch. 2, para. 52-56

Financial health requirement

Legislation/Regulatory – ITA2007 s. 180B

Gross assets requirement

Legislation/Regulatory – ITA2007 s. 186, Sch. 2, para. 58

HMRC Guidance – VCM13110 ; VCM23020

Hotels and comparable establishments, excluded activities

Legislation/Regulatory – ITA2007 s. 196

Information to provide

Legislation/Regulatory – ITA2007 s. 241, 242

Issuing company

Legislation/Regulatory – F(No. 2)A2015 Sch. 5, para. 13

Leasing ships, excluded activities

Legislation/Regulatory – ITA2007 s. 194, Sch. 2, para. 54

Number of employees requirement

Legislation/Regulatory – F(No. 2)A2015 s. 25, Sch. 5, para. 20(2) ; FA2007 Sch. 16, para. 2(4), (5)

Nursing homes and residential care homes, excluded activities

Legislation/Regulatory – ITA2007 s. 198

Overview

Legislation/Regulatory – ITA2007 s. 180

HMRC Guidance – VCM13010

Permanent establishment

Legislation/Regulatory – ITA2007 s. 180A, 191A, 1007A

Property development, excluded activities

Legislation/Regulatory – ITA2007 s. 196

Property managing subsidiaries requirement

Legislation/Regulatory – ITA2007 s. 188

HMRC Guidance – VCM13140 ; VCM74950 ; VCM74960

Provision of services or facilities for another business, excluded activities

Legislation/Regulatory – ITA2007 s. 199, Sch. 2, para. 56

Qualifying 90 per cent subsidiary

Legislation/Regulatory – ITA2007 s. 190

HMRC Guidance – VCM12060 ; VCM12110 ; VCM13080 ; VCM34040 ; VCM74960

Qualifying business activities requirement

Legislation/Regulatory – HMRCBrf 77/09 ; ITA2007 s. 183

HMRC Guidance – VCM13080 ; VCM23060 ; VCM23490 ; VCM55160

Qualifying subsidiaries requirement

Legislation/Regulatory – ITA2007 s. 187

HMRC Guidance – VCM13130

Qualifying subsidiary, meaning

Legislation/Regulatory – ITA2007 s. 191, Sch. 2, para. 51

HMRC Guidance – VCM13130 ; VCM34120 ; VCM34140 ; VCM71020 ; VCM74910 ; VCM74930 ; VCM74940

Qualifying trade, meaning

Legislation/Regulatory – ITA2007 s. 189

HMRC Guidance – VCM13060 ; VCM71010

Receipt of royalties and licence fees, excluded activities

Legislation/Regulatory – ITA2007 s. 195, Sch. 2, para. 55

Ship building, excluded activities

Legislation/Regulatory – ITA2007 s. 196A

Steel production, excluded activities

Legislation/Regulatory – ITA2007 s. 196C

Trading requirement

Legislation/Regulatory – ITA2007 s. 181, 182, 200

HMRC Guidance – VCM13050

Treasury's powers to make amendments

Legislation/Regulatory – ITA2007 s. 200

Unquoted status requirement

Legislation/Regulatory – ITA2007 s. 184, 200

HMRC Guidance – CG50275 ; VCM13090 ; VCM75110

Wholesale and retail distribution, excluded activities

Legislation/Regulatory – ITA2007 s. 193, Sch. 2, para. 53

Knowledge-intensive companies

Generally

Legislation/Regulatory – FA2018 Sch. 4

Meaning

Legislation/Regulatory – F(No. 2)A2015 Sch. 5, para. 19(1)

Limiting eligibility, relief to investments made before 2025

Legislation/Regulatory – F(No. 2)A2015 Sch. 5, para. 2, Sch. 6, para. 2

Loan linked investments

Legislation/Regulatory – SP 6/98 ; TCGA92 Sch. 5B, para. 15

Location of activity

Legislation/Regulatory – SP 3/00

Meaning

Legislation/Regulatory – ITA2007 s. 156

Minimum subscriptions

Legislation/Regulatory – ITA2007 s. 157

Money raised, requirement as to

Legislation/Regulatory – TCGA92 Sch. 5B, para. 1

Nominees

Approved investment fund as

Legislation/Regulatory – ITA2007 s. 251

Generally

Legislation/Regulatory – ITA2007 s. 250

Other reconstructions and amalgamations

Legislation/Regulatory – TCGA92 Sch. 5B, para. 9

Other tax reliefs

Legislation/Regulatory – ITA2007 s. 161

Overview

Legislation/Regulatory – ITA2007 s. 156, 160

Periods A, B and C meaning

Legislation/Regulatory – ITA2007 s. 159

HMRC Guidance – VCM10540 ; VCM13020 ; VCM23290

Permanent establishment

Legislation/Regulatory – ITA2007 s. 180A, 191A, 1007A

Powers to amend Part 5 of ITA 2007

Chapters 2 to 4 by Treasury regulations

Legislation/Regulatory – F(No. 2)A2015 Sch. 5, para. 18(1)

Generally

Legislation/Regulatory – F(No. 2)A2015 Sch. 5, para. 18

Qualifying business activities

Meaning

Legislation/Regulatory – ITA2007 s. 179

HMRC Guidance – VCM10540 ; VCM12110 ; VCM13060 ; VCM23070

Raising money for

Legislation/Regulatory – IRInt. 141

Qualifying trades

Legislation/Regulatory – IRInt. 225

Re-investment

Acquisition of share capital by new company

Legislation/Regulatory – TCGA92 Sch. 5B, para. 8

Anti-avoidance provisions

Legislation/Regulatory – TCGA92 Sch. 5B, para. 10-15

Chargeable events

Legislation/Regulatory – TCGA92 Sch. 5B, para. 3

Claims

Legislation/Regulatory – TCGA92 Sch. 5B, para. 6

Disqualifying arrangements

Legislation/Regulatory – TCGA92 Sch. 5B, para. 11A

Failure of conditions of application

Legislation/Regulatory – TCGA92 Sch. 5B, para. 1A

Gains accruing on chargeable event

Legislation/Regulatory – TCGA92 Sch. 5B, para. 4

Information

Legislation/Regulatory – TCGA92 Sch. 5B, para. 16

Insignificant repayments disregarded

Legislation/Regulatory – TCGA92 Sch. 5B, para. 14AA

Interpretation

Legislation/Regulatory – TCGA92 Sch. 5B, para. 19

Investment-linked loans

Legislation/Regulatory – TCGA92 Sch. 5B, para. 15

Person to whom gain accrues

Legislation/Regulatory – TCGA92 Sch. 5B, para. 5

Postponement of original gain

Legislation/Regulatory – TCGA92 Sch. 5B, para. 2

Pre-arranged exits

Legislation/Regulatory – TCGA92 Sch. 5B, para. 11

Put options and call options

Legislation/Regulatory – TCGA92 Sch. 5B, para. 12

Receipt of replacement value

Legislation/Regulatory – TCGA92 Sch. 5B, para. 13B, 13C

Relevant investments limit

Legislation/Regulatory – TCGA92 Sch. 5B, para. 1

Reorganisations and reconstructions

Legislation/Regulatory – TCGA92 Sch. 5B, para. 7-9

Same company, in

Legislation/Regulatory – TCGA92 Sch. 5B, para. 10

Trustees

Legislation/Regulatory – TCGA92 Sch. 5B, para. 17, 18

Value received by investor

Legislation/Regulatory – TCGA92 Sch. 5B, para. 13, 13A

Value received by other persons

Legislation/Regulatory – TCGA92 Sch. 5B, para. 14

Relevant investments limit

Legislation/Regulatory – FA2007 Sch. 16, para. 8 ; ITA2007 s. 173A

Relevant shares

Issue requirement

Legislation/Regulatory – ITA2007 s. 174

HMRC Guidance – VCM12050 ; VCM8130 ; VCM8540

Maximum age requirement

Legislation/Regulatory – F(No. 2)A2015, Sch. 5, para. 23(2) ; ITA2007 s. 175A

Minimum period requirement

Legislation/Regulatory – ITA2007 s. 176

HMRC Guidance – VCM12070

No disqualifying arrangements requirement

Legislation/Regulatory – ITA2007 s. 178A

No pre-arranged exits requirement

Legislation/Regulatory – ITA2007 s. 177

HMRC Guidance – VCM12080

No tax avoidance requirement

Legislation/Regulatory – ITA2007 s. 178

HMRC Guidance – VCM12090

Overview

Legislation/Regulatory – ITA2007 s. 172

HMRC Guidance – VCM12010

Shares requirement

Legislation/Regulatory – ITA2007 s. 173

HMRC Guidance – VCM12020 ; VCM23060

Use of money raised requirement

Legislation/Regulatory – ITA2007 s. 175

HMRC Guidance – VCM12060 ; VCM14190 ; VCM60250 ; VCM8140

Repayment etc of share capital

Legislation/Regulatory – F(No. 2)A2015 Sch. 5, para. 15

Repayments etc. of share capital to other persons

Amount where there is more than one issue of shares

Legislation/Regulatory – ITA2007 s. 226

Authorised minimum within 12 months

Legislation/Regulatory – ITA2007 s. 230

HMRC Guidance – VCM15090

Generally

Legislation/Regulatory – ITA2007 s. 224

HMRC Guidance – VCM15090 ; VCM15100 ; VCM20070

Insignificant repayments ignored

Legislation/Regulatory – ITA2007 s. 225

HMRC Guidance – VCM15100

Maximum relief not obtained for share issue

Legislation/Regulatory – ITA2007 s. 229

Restrictions on withdrawal of relief

Legislation/Regulatory – ITA2007 s. 231

Single issue affecting more than one individual

Legislation/Regulatory – ITA2007 s. 227

Single issue treated as made partly in previous tax year

Legislation/Regulatory – ITA2007 s. 228

Royalties and licence fees

Legislation/Regulatory – FA2007 Sch. 16, para. 14

Taper relief

Legislation/Regulatory – TCGA92 s. 150

Termination date, meaning

Legislation/Regulatory – ITA2007 s. 256

HMRC Guidance – VCM23070

Transfers between spouses or civil partners

Legislation/Regulatory – ITA2007 s. 245, 246

HMRC Guidance – VCM16010

Transitional provisions

Legislation/Regulatory – FA2012 Sch. 7, para. 22-25

Valuation of assets

Legislation/Regulatory – SP 2/06

Value received by investor

Amount of value received

Legislation/Regulatory – ITA2007 s. 217

HMRC Guidance – VCM15060 ; VCM15070

Connected persons, by and from

Legislation/Regulatory – ITA2007 s. 221

Generally

Legislation/Regulatory – ITA2007 s. 213

Maximum relief not obtained

Legislation/Regulatory – ITA2007 s. 220

HMRC Guidance – VCM15040

More than one issue of shares

Legislation/Regulatory – ITA2007 s. 218

HMRC Guidance – VCM15040

Part of share issue treated as made in previous tax year

Legislation/Regulatory – ITA2007 s. 219

Receipt of replacement value

Legislation/Regulatory – ITA2007 s. 222, 223

HMRC Guidance – VCM15080

Receipts of insignificant value

Legislation/Regulatory – ITA2007 s. 214, 215

HMRC Guidance – VCM15050 ; VCM15100

When value received

Legislation/Regulatory – ITA2007 s. 216

HMRC Guidance – VCM15060 ; VCM15070 ; VCM23440 ; VCM36070

Withdrawal or reduction

Acquisition of share capital

Legislation/Regulatory – ITA2007 s. 233

HMRC Guidance – VCM15110

Acquisition of trade or trading assets

Legislation/Regulatory – ITA2007 s. 232

HMRC Guidance – VCM15110

Assessments

Legislation/Regulatory – ITA2007 s. 235-239

HMRC Guidance – VCM15160

Call options

Legislation/Regulatory – ITA2007 s. 211

HMRC Guidance – VCM15020

Disposal of shares

Legislation/Regulatory – ITA2007 s. 209, 246

HMRC Guidance – VCM15015 ; VCM23250 ; VCM23440

Information

Legislation/Regulatory – ITA2007 s. 240-244

Interest chargeable, date

Legislation/Regulatory – ITA2007 s. 239

Maximum relief not obtained

Legislation/Regulatory – ITA2007 s. 210

Overview

Legislation/Regulatory – ITA2007 s. 208

Put options

Legislation/Regulatory – ITA2007 s. 212

HMRC Guidance – VCM15020

Relief subsequently found not to have been due

Legislation/Regulatory – ITA2007 s. 234

HMRC Guidance – VCM15120

Repayments etc. of share capital to other persons

Legislation/Regulatory – ITA2007 s. 224-231

Value received by investor

Legislation/Regulatory – ITA2007 s. 213-223

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