If you qualify for SEIS tax reliefs on your investment, once the Offer closes, along with your Ordinary Shares you would receive an SEIS3 claim form to claim back 50% of your investment as a refund from the Income Tax you have paid in the current and/or previous tax year (and any Capital Gains Tax if applicable).

This is a simple form and provided you paid (or will pay) at least the equivalent in tax this tax year (or last if appropriate) HMRC would then make a tax refund payment to you (if claiming for last tax year) or amend your tax code for the current tax year, reducing or eliminating your Income Tax deductions in your payslip.

Provided you keep the Ordinary Shares for at least three years, this 50% Income Tax refund (30% under EIS, plus any Capital Gains Tax refund you receive) is yours to keep, whatever happens to the Company – guaranteed by the Government.

Short answer – yes!

Another short answer – yes!

No. Only current and/or last tax year.

If claiming for the current 2018-19 tax year, the Investor can obtain their SEIS Income Tax relief by either:

– writing to HMRC to request a change to their tax coding for the current tax year (though by their own admission it can be a few months before this is actioned by HMRC), and therefore receive the SEIS Income Tax relief via their gross pay every month; or

– submitting a Self Assessment return once the current tax year is over (so anytime from 6th April 2019) and use the Income Tax rebate to reduce/eliminate their Income Tax bill for the year.

However, if an investor carries back the investment to the previous tax year (2017-18 is the earliest tax year reliefs can be claimed for) they can claim it immediately either by filing an amended Self Assessment return for the last tax year (if they have already filed their Self Assessment return for the last tax year) or including the claim with any Self Assessment form they intend to submit for the last tax year.

HMRC have a turnaround target of 4 weeks from receipt of the SEIS3 tax relief claim form to issuing refunds to Investors. However, HMRC have verbally informed us that in reality it can take between 2 and 6 weeks depending on their backlog and the time of year.

While we may wish that we were in a position to offer discounted or preference shares for larger or initial Investors, it would make Ordinary Shares ineligible for SEIS tax benefits.

All Ordinary Shares must be paid for in full and no discount or preference rights can attach themselves to these Shares.

However, we believe that we have a highly competitive offering – as well as a superb film-making experience – for potential investors interested in getting involved with film projects, especially with investments of £50,000 or more which will entitle the Investor to an Associate or Executive Producer credit.

Unfortunately SEIS reliefs only apply to UK-taxpaying individuals.

SEIS Loss relief has any loss (after SEIS Income Tax relief has been applied) set off against other income in current or preceding years or carried forward against future Capital Gains liabilities. This is all done on a Self Assessment return for the tax year(s) in question. Capital Gains reinvestment relief is not taken into account when working out the loss, so any rebate paid due to this the Investor gets to keep.

Yes. For EIS the cap is £1,000,000 of total investments per year, for SEIS £250,000 of total investments per year.

Call the Small Company Enterprise Centre on 029 2032 6985 or email enterprise.centre@hmrc.gsi.gov.uk