[F1257EDCompliance statementsU.K.
(1)A “compliance statement” is a statement, in respect of an issue of shares, to the effect that, except so far as they fall to be met by or in relation to the individuals to whom shares included in that issue have been issued, the requirements for SEIS relief (see section 257AA)—
(a)are for the time being met in relation to the shares to which the statement relates, and
(b)have been so met at all times since the shares were issued.
(2)In determining for the purposes of subsection (1) whether the requirements for SEIS relief are met at any time in relation to the issue of shares, references in this Part to the relevant shares are read as references to the shares included in the issue.
(3)A compliance statement must not be made in respect of an issue of shares before at least one of the following conditions is met—
(a)at least 70% of the money raised by the issue has been spent for the purposes of the qualifying business activity for which it was raised;
(b)the new qualifying trade which constitutes the qualifying business activity or to which that activity relates has been carried on by the issuing company or a qualifying 90% subsidiary of that company for at least 4 months.
(4)A compliance statement must be in such form as the Commissioners for Her Majesty's Revenue and Customs direct and must—
(a)state which of the conditions in subsection (3) is met at the time the statement is made,
(b)contain such additional information as the Commissioners reasonably require, including in particular information relating to the persons who have requested the issue of compliance certificates,
(c)contain a declaration that the statement is correct to the best of the issuing company's knowledge and belief, and
(d)contain such other declarations as the Commissioners may reasonably require.]
Textual Amendments
F1Pt. 5A 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. 1