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SEIS Deal Structuring for UK VC Funds in 2026

A question I get frequently asked is: "How do I structure SEIS-eligible deals within a UK venture capital fund?" The answer depends on your fund vehicle, your investor base, and the specific qualifying conditions your portfolio companies must satisfy. To structure SEIS-eligible deals in a UK VC fund, most managers use a discretionary portfolio where each investor owns shares directly through a nominee, invest only in companies meeting HMRC’s SEIS conditions, obtain advance assurance before investing, and track compliance until SEIS3 certificates are issued.Here is my guidance for the key considerations.

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