CIOT calls out HMRC on SEIS control issue

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A new tax relief that is intended to encourage start-up companies may be too restrictive and should be amended, the Chartered Institute of Taxation (CIOT) has said.

The CIOT said that its members are concerned that one rule of the Seed Enterprise Investment Scheme may potentially undermine its objective.

It believes that control and independence requirements in ITA 2007 section 257DG are “too restrictive and potentially undermine the policy objectives underpinning SEIS”.

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