Answers
What are the SEIS limits?, Up to £250,000 lifetime, within three years of the trade starting, with gross assets under £350,000 and fewer than 25 employees at the time of the share issue.
How long does advance assurance take?, Weeks rather than days, depending on HMRC workload. Apply before you start raising, not after a term sheet.
Can a convertible loan note qualify?, Generally not. Relief attaches to shares issued for cash, so UK bridges are usually structured as advance subscription agreements with no repayment right.
Which trades are excluded?, Property development, most financial services, leasing, legal and accountancy services, and subsidised energy generation, among others. Check early if you are near a boundary.
When do investors get their certificates?, After the shares are issued, the trading condition is met and the company files a compliance statement. Investors cannot claim relief until then, so delays are felt personally.
Can relief be lost after the raise?, Yes, buybacks, new preferential rights, a change of trade or inserting a non-qualifying parent can all withdraw it. Check before any restructure.