SEIS Mini-Budget proposals: what changed in 2023
A historical record of the September 2022 SEIS proposals, their subsequent enactment and where to find current SEIS guidance.
Historical announcement, originally published 26 September 2022. These SEIS proposals were subsequently enacted in Finance Act 2023. Reviewed 21 September 2026. Read current SEIS guidance before planning a new investment.
The Mini-Budget on 23 September 2022 announced an expansion of the Seed Enterprise Investment Scheme. For founders and investors, the proposed changes offered more room for early-stage funding.
The proposals announced in September 2022
The announced changes, intended to take effect from 6 April 2023, were:
- an increase in the company SEIS funding limit from £150,000 to £250,000;
- an increase in the gross-assets limit from £200,000 to £350,000;
- an increase in the new-trade age limit from two years to three years;
- an increase in the individual's annual SEIS subscription limit from £100,000 to £200,000.
At the time of this original article these were proposals, so companies planning a round needed to consider the uncertainty over enactment and commencement. The £150,000 company limit had been in place since SEIS began in 2012, making the proposed increase commercially significant for founders.
What happened subsequently?
Finance Act 2023, section 15 enacted the changes. Our July 2023 Royal Assent note explains the end of the interim period.
The increased limits are not a standalone eligibility test. Trading history, assets, employees, prior funding, independence, share rights and the risk-to-capital condition still need to be examined. The individual's entitlement to relief is a separate question.
For a new round, start with our advance assurance guide, which explains the application documents, investor evidence and HMRC's response aims. Use the historical figures above only to understand the 2022 announcement, not to set the limits for a current share issue.
