VCM21520 - EIS: general): investment funds: procedure

ICTA/S311 (4); ITA/S251 (4)

Where the managers of an approved fund subscribe for shares on behalf of the participants in the fund, the individual participants remain responsible for making their own claims to relief. A single form EIS3 will be issued by each qualifying company to the managers of the fund, who will then supply the participants with certificates on form EIS5.

The managers use form EIS5, which is supplied to them by CT&VAT (Technical), to certify to each participant that they hold certificates of relief on forms EIS3 relating to subscriptions for shares in the companies listed on that form and to notify the number of shares held on behalf of that participant. Participants can then use the forms EIS5 to claim relief.