An updated version of the above form (SEIS1) is available on the HMRC website. Any company which has issued shares on which investors hope to claim relief under the Seed Enterprise Investment Scheme must use this form to provide its Compliance Statement as required by section 257ED Income Tax Act 2007.

The form cannot be submitted to HMRC until the company has met either of the following criteria:

• at least 70% of money raised by the relevant share issue has been spent for the purposes of the qualifying business activity for which it was raised.
• the new qualifying trade which constitutes the qualifying business activity (or to which that activity relates) has been carried on by the company issuing the shares (or a qualifying 90% subsidiary of that company) for at least four months.

There is no time limit for sending in the form, but it should be noted that investors are not eligible to claim relief until the company provides HMRC with the Compliance Statement and HMRC authorise the company to issue compliance certificates (claim forms) to investors.