In Oxbotica v HMRC [2018] UKFTT 308 (14 June 2018) the FTT held that no minimum investment is required for relief under the seed enterprise investment scheme (SEIS) (ITA 2007 Part 5A) to apply.
Oxbotica had been founded to ‘spin out’ technology from Oxford University’s department of engineering. Under a licence granted by the university the company was to develop and distribute ‘highly innovative products’ invented by university professors.
Oxbotica had applied for SEIS compliance certificates in respect of the issue of shares to three of the professors. This had been declined by HMRC on the ground that in order to be eligible subscriber shares must be fully paid for in cash by the time they are issued. HMRC later accepted that the shares had been issued as fully paid but still denied the certificates on the basis that the amount...
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In Oxbotica v HMRC [2018] UKFTT 308 (14 June 2018) the FTT held that no minimum investment is required for relief under the seed enterprise investment scheme (SEIS) (ITA 2007 Part 5A) to apply.
Oxbotica had been founded to ‘spin out’ technology from Oxford University’s department of engineering. Under a licence granted by the university the company was to develop and distribute ‘highly innovative products’ invented by university professors.
Oxbotica had applied for SEIS compliance certificates in respect of the issue of shares to three of the professors. This had been declined by HMRC on the ground that in order to be eligible subscriber shares must be fully paid for in cash by the time they are issued. HMRC later accepted that the shares had been issued as fully paid but still denied the certificates on the basis that the amount...
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If you do not subscribe but are a registered user, please enter your details in the following boxes:
