CIC Association

Serving Community Enterprise

Has anyone experience of converting a CLG to CIC and then qualifying for SEIS investment? Interested to know how quickly after conversion people have gained SEIS approval

Views: 29

Reply to This

Replies to This Discussion

Hi Rob

SEIS is only for equity so the CIC would have to be a Limited by Share to qualify for SEIS. Limited by Guarantee and Limited by Share CICs qualify for SITR as that can be applied to debt (loans,bonds etc) as well as equity,

For advanced assurance (not approval as the eligibility require terms and conditions to be met during the term of the investment) the quoted time is 4 weeks for a reply but we've had one case here that took approx 10 weeks.

Banana skins we've come across so far are not correctly including existing de minimis state aid and not understanding the subsidiary qualifying rules.  

HMRC are really good, for help with SITR you can call HMRC’s Small Company Enterprise Centre on 03000 588 907 or email enterprise.centre@hmrc.gsi.gov.uk

For detail on SITR: https://www.gov.uk/government/publications/social-investment-tax-re...

For detail on SEIS: https://www.gov.uk/guidance/venture-capital-schemes-apply-for-the-e... 

RSS

Groups

From Funding Central

Events

© 2018   Created by John Mulkerrin.   Powered by

Badges  |  Report an Issue  |  Terms of Service