On 27th October, HMRC implemented new procedures for receiving advance assurance applications under the Enterprise Investment Scheme (EIS), Seed Enterprise Investment Scheme (SEIS) or from a Venture Capital Trust (VCT).
For many years, applications for advance assurance (together with the various HMRC forms and enclosures) have been sent by email to the Enterprise Centre email address at HMRC. It has been possible to send applications by post.
HMRC have now launched an online portal where a new ‘G-Form’ is created. This and all necessary attachments, are now submitted online via the portal directly to HMRC’s Venture Capital Reliefs (VCR) Team.
It is no longer necessary to email AA applications or any attachments to the VCR Team using the old ‘i-forms’.
However, to allow for transition, the VCR Team will continue to accept i-forms received by email for a short period (although we haven’t been advised how long this will remain for).
The Compliance Statement process for EIS and SEIS has not changed and still requires companies and their advisors to email EIS1s and SEIS1 Compliance Statements and accompanying documents to enterprise.centre@hmrc.gov.uk
Applications for advance assurance for Social Investment Tax Relief (SITR) must still be sent via post or email to the Enterprise Centre at HMRC (due to the fact that, under current plans/legislation, SITR is due to cease in April 2023).
For more information please see https://www.gov.uk/guidance/venture-capital-schemes-apply-for-advance-assurance
We have already made a number of submissions under the new system and are collating feedback for HMRC.
