[F1173BThe spending of money raised by SEIS investment requirementU.K.
This
adran has no associated
Nodiadau Esboniadol
(1)The requirement of this section is that, if an SEIS investment has been made in the issuing company, at least 70% of the money raised by the investment has been spent as mentioned in section 257CC (seed enterprise investment scheme: spending of the money raised requirement) before the relevant shares are issued.
(2)An “SEIS investment” is made in a company if the company issues shares (money having been subscribed for them), and (at any time) the company provides a compliance statement under section 257ED (seed enterprise investment scheme).]
Textual Amendments
F1S. 173B 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. 13