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Changes to HMRC SEIS/EIS Guidance for Film and TV Companies

HMRC updated its Venture Capital Schemes Manual VCM8560 on 15 March 2021.

The update is regarding Example 3 of VCM8560 which presents an example of a qualifying film company.

The new guidance provides further clarity on how the risk-to-capital condition applies to Film and TV production companies that are seeking SEIS/EIS advance assurance approval.

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A Guide to Convertible Loan Notes

Convertible Loan Notes (“CLN”) are loan notes which grant the holder a right to subscribe or convert the loan amount into shares in the relevant company. We will explore the potential benefits and drawbacks of using CLNs in more detail below, but they are often used as a form of bridging facility by start-up companies ahead of a future round of venture capital financing.

Where an investor invests in a company via a CLN, unlike a venture capital investment where equity is issued up-front, the investment amount will be treated as a loan to the company and (subject to the terms of the CLN) there will be an option or right to convert that amount into shares in the company at a later point in time. Another key difference when investing via a CLN as opposed to venture capital, is that the share price and most likely the class of share will not be known at the date of the investment.

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Employee Guidance Where Employers Demand Covid-19 Vaccination

The United Kingdom Medical Freedom Alliance (UKMFA), Lawyers for Liberty and The Workers Union of England have published an open letter to employers who are demanding Covid-19 Vaccination of Employees. Employees and potential employees are able to share this letter with employers who are proposing to mandate Covid-19 vaccines on their employees.

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Can an investment be EIS qualifying if a company acquires intellectual property and/or generates revenue from royalties?

Can an investment be EIS qualifying if a company acquires intellectual property and/or generates revenue from royalties?

The Enterprise Investment Scheme (EIS) is an attractive option to those wishing to grow their business and attract the attention of investors (by offering tax reliefs to those who invest).

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How to execute an agreement in the cloud?

With exceptional physical distancing requirements in place during Covid-19, witnessing a legal document has been proven very difficult if not almost impossible. Here, at The Jonathan Lea Network we are always looking for ways we can overcome any challenges and improve the service we offer our clients and therefore we’re pleased to announce that from today The Jonathan Lea Network can offer DocuSign eWitness electronic signing to our clients.

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Coronavirus Job Retention Scheme (“CJRS”) extended and the launch of the Job Support Scheme (“JSS”) postponed

UPDATE 5 November 2020: Chancellor Rishi Sunak confirmed that the CJRS will be extended until the end of March 2021 and that the Government will review the policy in January 2021.

UPDATE: Coronavirus Job Retention Scheme (“CJRS”) extended and the launch of the Job Support Scheme (“JSS”) postponed

The Government announced on 31 October 2020 that the CJRS will be extended by a further month and will remain open until December 2020 in order to provide additional support to employers through the second national lockdown in England which is due to commence on 5 November 2020. As a result, the start of the JSS has been delayed until the extended CJRS ends.

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Your rights: Unfair and constructive dismissal

As the dust of the first and hopefully last wave of COVID-19 begins to settle and furlough schemes come to end, the damage to the job market is evidently palpable. The disparity between those looking for jobs and jobs available has been well documented. As more employees face redundancies and dismissal, knowing what rights you have as an employee will be paramount for navigating through this mess.

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