3 month time limit for backdating
It is advisable to become a director only once shares have been issued.Any director involved in the company's trade prior to issue is likely to be connected and relief will be denied. Three year holding period The individual must retain the shares for a minimum of three years (possibly up to five if the trade commenced after the share issue date).In the case of certificates required for the purpose of obtaining Supplementary Welfare Allowance, no fee is payable.
Contact Details The EIS is administered by HMRC’s Small Company Enterprise Centre (SCEC) Small Company Enterprise Centre Admin Team SO777 PO Box 3900 Glasgow G70 6AA Telephone: 03000 588907 Further advice may be sought from the Enterprise Investment Scheme Association (EISA) EISA: Updates 26 September 2016 added reference to business growth and development condition 19 September 2016 updated for publication of Finance Act 2016 13 January 2016 updated to clarify that Entrepreneurs relief must be claimed the first time that any part of a qualifying gain deferred using EIS or SITR investments is realised. The primary legislative provisions governing claims and late claims are set out in Sections 241, 342 and 342A of the Social Welfare Consolidation Act 2005, as amended.See also Part 9, Chapter 1 of Social Welfare Consolidation Act 2005. 142 of 2007) as amended – Articles 179 to 191 and SI 695 of 2006.Such decisions are not subject to the Social Welfare Appeals provisions because it is a Ministerial discretion.A dissatisfied claimant may however request the decision to be reviewed, and the review should be carried out by an officer of higher rank than the person who made the decision. Previous claim or enquiry prior to legislative change If a legislative change gives entitlement on a previously refused claim, or where a previous enquiry elicited the information that there was then no entitlement, the earlier claim or enquiry may be accepted in lieu of a repeat claim from the date of implementation of the legislative change.