C1F1PART 5ASeed enterprise investment scheme
Pt. 5A applied by Taxation of Chargeable Gains Act 1992 (c. 12), Sch. 5BB para. 8(4) (as inserted (17.7.2012) by Finance Act 2012 (c. 14), Sch. 6 para. 5)
CHAPTER 6Withdrawal or reduction of SEIS relief
Miscellaneous
257FRRelief subsequently found not to have been due
1
Any SEIS relief obtained by the investor which is subsequently found not to have been due must be withdrawn.
2
SEIS relief obtained by the investor in respect of the relevant shares may not be withdrawn on the ground—
a
that the requirements of sections 257CB and 257CC (the purpose of the issue and use of money raised requirements) are not met in respect of the shares, or
b
that the issuing company is not a qualifying company in relation to the shares (see Chapter 4),
unless the requirements of subsection (3) are met.
3
The requirements of this subsection are met if either—
a
the issuing company has given notice under section 257GF (information to be provided by issuing company etc) in relation to the relevant issue of shares, or
b
an officer of Revenue and Customs has given notice to that company stating the officer's opinion that, because of the ground in question, the whole or any part of the SEIS relief obtained by any individual in respect of shares included in the relevant issue of shares was not due.
4
In this section “the relevant issue of shares” means the issue of shares in the issuing company which includes the relevant shares.
Pt. 5A inserted (17.7.2012) (with effect in accordance with Sch. 6 para. 24(1) of the amending Act) by Finance Act 2012 (c. 14), Sch. 6 para. 1