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New procedures launched for Advanced Assurance

Advanced Assurance

The new procedures for obtaining Advance Assurance (AA) from HMRC for investment under the Enterprise Investment Scheme (EIS), Seed Enterprise Investment Scheme (SEIS) or from a Venture Capital Trust went live this morning.

An online G-Form service has launched and is now accessible from the Gov.UK site at https://www.gov.uk/guidance/venture-capital-schemes-apply-for-advance-assurance.

Applications using the new G-Form, including all necessary attachments, are now submitted online directly to HMRC’s Venture Capital Reliefs (VCR) Team. It is no longer necessary to email AA applications or any attachments to the VCR Team using the old i-form.

To allow for transition to the new process, the VCR Team will continue to accept i-forms received by email for a short period.

The Guidance within the Venture Capital Schemes Manual VCM60000+ has been updated and can be accessed at https://www.gov.uk/hmrc-internal-manuals/venture-capital-schemes-manual/vcm60000.

The ‘Apply for advance assurance on a venture capital scheme’ guidance has also been updated and can be viewed at https://www.gov.uk/guidance/venture-capital-schemes-apply-for-advance-assurance.

Please note the i-form and email service remains in place for the EIS and SEIS compliance statements, however these forms will be updated in the coming months with the new online G-Form service.

By UKBAA 27 Oct 2022