For SEIS qualification, within 3 years of the date of the relevant share issue (2 years in the case of EIS monies), all the monies raised by that issue must be spent for the purposes of a qualifying business activity, carried on either by the issuing company or by a 90% subsidiary.
Does the subsidiary have to be based in the UK or can it also be in any other jurisdiction?
According to HMRC the subsidiary can be in the UK or any other jurisdiction as long as all the other qualifying criteria are met, specifically that the subscription monies are used for the qualifying business activity.
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