Managing General Agents can now qualify for SEIS and EIS relief
Insurtech UK has worked collaboratively with HM Revenue & Customs to update their public guidance to state that Managing General Agents should qualify for SEIS and EIS relief.
Any founder can tell you how much of a lifeline SEIS and EIS eligibility is to seeking investment, and for several years a lack of clarity about the MGA business model meant that HMRC Inspectors assumed these businesses were actually insurers and therefore exempt from SEIS/EIS eligibility.
Ultimately, this was causing serious damage to the growth of early stage insurtechs.
You can see the changes made to the public guidance in the pictures below. Although this is a technical issue, it is a hugely important development to ensure the successful growth of insurtech businesses.
Many thanks to our Partners PKF Littlejohn and Smith & Williamson for their support in helping get this campaign over the line. Equally, credit to HM Revenue & Customs who have engaged with us in a really constructive and positive dialogue on this issue.