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@hamster
thanks David for the quick reply. I don't know much about this, but doesn't that mess with the SEIS relief numbers? forgive me if this is a silly question.
£50,000 first round investment
~£10,000 additional investment to exercise pre-emption rights (assuming everyone does)
£100,000 second round investment
total investment £160k but SEIS relief limited to £150k?
edit: rereading, I understand that any pre-emption investment will take away from the second round investment limit, so that the total is £150k.