On 31st January, HMRC have implemented new procedures for submitting Seed Enterprise Investment Scheme (SEIS) and Enterprise Investment Scheme (EIS) Compliance Statements to HMRC (these are known as SEIS1 and EIS1 forms).
For many years, these SEIS1/EIS1 Compliance Statements (together with the various supporting enclosures) have been sent by email to the Enterprise Centre email address at HMRC and 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 the Compliance Statement or any attachments to the VCR Team using the old i-form. However, to allow for transition, the VCR Team will continue to accept i-forms received by email until 10th March.
This change of process follows HMRC adopting a similar practice for receiving advance assurance applications under the Enterprise Investment Scheme (EIS), Seed Enterprise Investment Scheme (SEIS) or from a Venture Capital Trust (VCT) in October last year.
HMRC would welcome any feedback on the new G-Form service which can be sent to venturecapitalschemes.policy@hmrc.gov.uk. We have already made a number of submissions under the new system and are collating feedback for HMRC.
