VCM50330 - CVS: investors and reliefs: statutory procedure

FA00/SCH15 PARTV

In outline, the statutory procedure, set out in Part V of Schedule 15, which governs the obtaining of investment relief is as below.

The company which has issued the shares supplies a statement to HMRC (a ‘compliance statement’) on form CVS1, giving information about such matters as its trade and its capital structure and reporting details about the share issue and the subscriber.

If they are satisfied with the statement HMRC sends the issuing company a blank form CVS3 and authorise it to complete and issue the form.

The company sends the completed form CVS3 (the ‘compliance certificate’) to the investing company.

If the investing company considers that it will be a qualifying investing company (see VCM50540 onwards) it claims the investment relief on its tax return (see VCM50350).

The functions of HMRC are carried out by the Small Company Enterprise Centre (see VCM50320).