SEIS & EIS: Review of Potential Improvements

1
A Note from HMT & HMRC

In previous rounds of conversations, we have received general feedback of concerns about administrative burdens of utilising the schemes.

HMT & HMRC are committed to ensuring that the schemes are as user-friendly and therefore efficient as they can possibly be. We are therefore interested in seeing the findings of this survey and your views on the overall consumer experience of using the schemes and what administrative changes might improve that experience.

In particular, we welcome specific examples of where any aspects of the schemes' administrative processes may have caused either a delay in investment, a withdrawal of a planned investment, or caused an issue with a prior investment.
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About Your Data

The data from this survey will be gathered and processed by the UKBAA and shared with both HMRC and HMT.

All data will be anonymised and aggregated by UKBAA prior to sending.

You have the option to provide contact details, as your comments or recommendations may warrant further discussion directly with HMRC or HMT. UKBAA will seek your express permission prior to providing any of the contact details you provide.

By completing and submitting this survey, you confirm you have read and understood the above and that you agree to UKBAA's privacy policy here.
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Who Should Complete This?

This survey should be completed by angel investors as well as individuals supporting access to angel investment such as Angel group leaders or advisers working with angel investors or founders that have used the SEIS/EIS schemes in accessing angel investment.
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Your Name
First Name
Last Name
5
Email
example@example.com
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In what capacity do you engage with EIS or SEIS?* This field is required.
I am an Investor and have used the schemes myself
I am not an investor but support investors
I am a founder and have raised money via the schemes myself
I'm not a founder but support founders
Other
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Typically how many companies do you invest in using EIS or SEIS per year?* This field is required.
1-2 companies
3-5 companies
5-10 companies
more than 10 companies
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Do you use SEIS, EIS or a mixture of both?* This field is required.
Only SEIS
Only EIS
Mostly SEIS, some EIS
Mostly EIS, some SEIS
Even useage of the two
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What's your average individual investment size?* This field is required.
SEIS (£)
EIS (£)
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As an Investor, do you require advanced assurance to be in place before committing to an investment?
YESNO
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If so, what are the main areas of uncertainty of a company's eligibility to S/EIS?
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What is your reasoning for not requiring Advanced Assurance?
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Have you been or did you become a paid Director of an S/EIS company that you invested in?
YESNO
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EIS - Have you ever qualified for relief as a paid director?How did you find the process of understanding the EIS rules in respect of the exclusions for investors connected to the company and the carve outs for remunerated directors? What issues have you identified that could be addressed? Please provide examples.
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Potential PitfallsAre there any particular pitfalls within the legislation that you have experienced that caused particular difficulty in meeting, or led to your failure to meet, the investor qualifying conditions or to a loss of relief after investment?
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16
Claiming ReliefPlease confirm how you normally claim relief for your investments (e.g. within your tax return, as a stand-alone claim, as an adjustment to your PAYE code) and how easy or otherwise you find the process.
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Your overall views on how the EIS/SEIS scheme could be improved for Angel InvestorsPlease set out any thoughts or ideas you may have on how the key user experience elements of the scheme overall from end to end could be improved, especially relating to the investor experience and ensuring effective take-up and usage by angel investors. Where possible, please provide any relevant evidence or examples from your own experience or observations.
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Your Useage of the SchemesHow many times have you raised money through EIS and/or SEIS and what was the average amount raised?
How many times have you raised through SEIS
Average amount raised (£)
How many times have you rasied through EIS
Average Amount raised (£)
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Do you consider it necessary to obtain Advanced Assurance prior to engaging with Investors for a funding round?
YESNO
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If so, what are the main areas of uncertainty of a company's eligibility to S/EIS?
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Small
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Ok
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What are the key reasons for this?
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How could the process of applying for Advanced Assurance (AA) be improved?We are aware that some stakeholders report general difficulties with the processes for applying for an AA. We would be grateful for details of any specific problems that you have experienced with these processes and would welcome examples. (e.g. is it an issue with the HMRC process, the guidance, instructions or the legislation itself?)
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How could the process of submitting the S/EIS1 Compliance Statement be improved?We are aware that some stakeholders report general difficulties with the processes for submitting an S/EIS1. We would be grateful for details of any specific problems that have been identified with these processes and would welcome examples. (e.g. is it an issue with the HMRC process, the guidance, instructions or the legislation itself?)
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Potential PitfallsAre there any particular pitfalls within the legislation that your company experienced that caused particular difficulty in meeting or led to a failure to meet the qualifying conditions or to a loss of qualifying status after investment had been received?
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Large
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Small
Ok
Ok
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Your overall views on how the EIS/SEIS scheme could be improved for Angel InvestorsPlease set out any thoughts or ideas you may have on how the key user experience elements of the scheme overall from end to end could be improved, especially relating to the investor experience and ensuring effective take-up and usage by angel investors. Where possible, please provide any relevant evidence or examples from your own experience or observations.
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