VCM35100 - Venture Capital Schemes Manual: the Seed Enterprise Investment Scheme: income tax relief: company and investor procedures: company procedures: HMRC refusal to authorise issue of SEIS3

ITA07/S257EE

After reviewing the compliance statement SEIS1 form, any additional information requested from the company, HMRC decides that not everything on the form SEIS1 is correct, a formal refusal to authorise the issue of certificates to the investors will be sent.

The refusal will normally be in the following form:

‘The company’s statement on form SEIS1 relating to the share issue made on [date] and dated [date form signed] has been duly considered and I hereby give notice of my decision as follows: authority under Section 257EC(3) of the Income Tax Act 2007 (ITA) to issue certificates under Section 257EC(1) ITA is refused. The grounds of this decision are that the statement is not correct in the following respect[s]: [specify].

If the company does not agree with this decision it may appeal against it. Written notice of any appeal should be given to me within 30 days from the date of this notice.

If you appeal I will consider any further information you send me and try to reach agreement with you. If we cannot agree, you can

• ask for my decision to be reviewed by an HMRC officer not previously involved in the matter, or
• notify your appeal to an independent tribunal

If you opt for a review you can still notify your appeal to the tribunal after the review has finished.’