VCM21030 - EIS: general: procedure: requests for advance assurance: dealing with

Although this procedure described in VCM21010 is not statutory, HMRC is normally bound by any assurance given, provided the information supplied was correct and complete at the time it was given and has not been superseded by subsequent events. It is therefore important, in order to avoid misunderstanding, that all information supplied is given in writing. For the same reason, it is also important that requests should be considered very carefully, in the light of both the information supplied and information available on the tax files of the company and any subsidiaries, before any decision is made. Companies seeking an assurance therefore need to allow adequate time for HMRC to consider the request properly.

Any assurance supplied to a company can only be given on the basis of the information provided. The HMRC officer is under no obligation to check the accuracy of that information. However, it is important that any obvious gaps in the information should be filled and any apparent contradictions explained.