crowdfunding-guide

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crowdfunding-guide

TABLE OF CONTENTSPage1. INTRODUCTION ......................................................................... 11.1 Brave New World ......................................................................... 11.2 Choosing Professional Advisers .................................................. 11.3 Key Players .................................................................................. 22. CROWDFUNDING MODEL OPTIONS ........................................ 22.1 Reward Based ............................................................................. 22.1.1 Accounting ................................................................................... 22.1.2 Tax ............................................................................................... 22.1.3 Corporation Tax ........................................................................... 22.1.4 Income Tax .................................................................................. 32.1.5 Gift Aid ......................................................................................... 32.1.6 VAT .............................................................................................. 32.2 Loan Based .................................................................................. 32.2.1 Accounting ................................................................................... 32.2.2 Taxation ....................................................................................... 42.3 Equity Based ................................................................................ 42.3.1 EIS and SEIS ............................................................................... 42.3.2 VAT .............................................................................................. 42.4 Other Models ............................................................................... 43. PLATFORM USAGE RIGHTS, INTELLECTUALPROPERTY RIGHTS (“IPR”) AND BRANDING .......................... 43.1 CFP’s Rights in the Platform ........................................................ 43.2 Branding ....................................................................................... 53.2.1 Trademarks .................................................................................. 53.2.2 Domain Names ............................................................................ 54. LEGAL EXPOSURE, TERMS AND CONDITIONS (“T&C”) ......... 54.1 Due Diligence on Ventures .......................................................... 54.2 Terms and Conditions between CFP and Venture ....................... 64.3 Terms and Conditions between CFP and Investors ..................... 64.3.1 B2B or B2C? ................................................................................ 64.3.2 Legislation .................................................................................... 64.3.3 Jurisdiction ................................................................................... 74.4 Incorporation of Terms and Conditions ........................................ 74.5 Residual Exposure ....................................................................... 74.6 Insurance ..................................................................................... 75. BUSINESS STRUCTURES.......................................................... 75.1 Choice .......................................................................................... 75.2 Partnership ................................................................................... 85.3 Limited Company ......................................................................... 85.4 Limited Liability Partnership (LLP) ............................................... 96. DATA PROTECTION AND COOKIES .......................................... 96.1 Personal Data .............................................................................. 96.2 Data Protection Principles ............................................................ 106.3 Data Transfer ............................................................................... 106.4 Cookies ........................................................................................ 107. FINANCIAL REGULATORY COMPLIANCE ................................ 107.1 General ........................................................................................ 107.2 Authorisation ................................................................................ 117.3 Financial Promotion ..................................................................... 127.4 Other Regulatory Issues .............................................................. 127.5 Regulatory Future ........................................................................ 127.6 International Dimension ............................................................... 137.7 Investment Risk ........................................................................... 137.7.1 Financial Ombudsman ................................................................. 137.7.2 Financial Services Compensation Scheme ................................. 137.8 Self-Regulation ............................................................................ 137.8.1 UK Crowd Funding Association (UKCFA) .................................... 137.8.2 UKCFA Code of Conduct ............................................................. 137.9 Money Laundering Regulations 2007 .......................................... 148. EXIT ............................................................................................. 158.1 Due Diligence ............................................................................... 158.2 Minimising CGT ........................................................................... 158.2.1 Entrepreneurs’ Relief ................................................................... 158.2.2 Rollover Relief ............................................................................. 158.2.3 Holdover Relief ............................................................................ 158.2.4 Eliminate CGT .............................................................................. 15

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