Blog

Can a non-UK foreign company raise investment pursuant to SEIS and/or EIS?

One of the main requirements for companies wishing to raise investment pursuant to SEIS and EIS is that they must have a ‘permanent establishment’ in the UK (as detailed in HMRC’s guidance manuals VCM34050 and VCM13020). This means that an essential or substantial part of the company’s business must be wholly or partly carried on through a fixed place of business in the UK. This means that the business activities that are carried out in the UK can’t be of a preparatory or auxiliary character.

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What are the implications on SEIS and EIS if your company receives State Aid?

Following the United Kingdom’s departure from the European Union on 31 January 2020, we have now entered into a transition period. This time-limited period was agreed as part of the Withdrawal Agreement and is currently scheduled to last until 31 December 2020. Until then, it will be ‘business as usual’ for citizens, consumers, businesses, investors, students and researchers, for instance, in both the EU and the United Kingdom.

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How declarations of trust work

Your parents would like to give you and your partner £50,000 to help you buy your first house, but they want you to set up a declaration of trust to ensure their money is protected. Although you have heard of the legal term “declaration of trust”, you do not genuinely understand what it is or why do you need one.

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What Are Statutory Books and Why Keep Them?

Statutory registers are the register of members, register of directors, register of secretaries and register of persons with significant control. Companies are also required by the CA 2006 to keep minutes of all directors’ board meetings and shareholder resolutions (historically also kept in hard copy in files like books).

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What is section 21 approval and when is it needed?

Any company who wants to market an investment opportunity to investors through making an offer or an invitation to them to subscribe for shares or securities in the UK must comply with the Financial Services and Markets Act 2000 (“FSMA”).

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EIS: Raising money outside of the seven-year basic age condition

Generally, the position under the Enterprise Investment Scheme (“EIS”) is that a company cannot raise EIS qualifying investment monies once it has been trading for longer than seven years (this is termed by HMRC as the “basic age condition”) and this is confirmed in HMRC’s guidance manual VCM8151).

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Key Differences between Self-Employed and Employees

From 6 April 2020, changes will be introduced to the IR35 rules. These changes will make private companies responsible for assessing the status of the individuals they engage as contractors for the purpose of calculating income tax and national insurance contributions.

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