[F1150FSeed enterprise investment scheme: reduction of reliefU.K.
(1)This section has effect where—
(a)section 150E(2) applies on a disposal of shares, and
(b)before the disposal, value is received in circumstances where SEIS relief attributable to the shares is reduced by an amount under section 257FE(2)(a) of ITA 2007.
(2)If section 150E(2) applies on the disposal but section 150E(5) does not, section 150E(2) applies only to so much of the gain as remains after deducting so much of it as is found by multiplying it by the fraction—
where—
A is the amount by which the SEIS relief attributable to the shares is reduced as mentioned in subsection (1), and
B is the amount of the relief attributable to the shares.
(3)If section 150E(2) and (5) apply on the disposal, section 150E(2) applies only to so much of the gain as is found by—
(a)taking the part of the gain found under section 150E(5), and
(b)deducting from that part so much of it as is found by multiplying it by the fraction mentioned in subsection (2) above.
(4)Where the SEIS relief attributable to the shares is reduced as mentioned in subsection (1) by more than one amount, “A” in subsection (2) is to be taken to be equal to the aggregate of the amounts.
(5)The amount which is “B” in subsection (2) is to be found without regard to any reduction mentioned in subsection (1).
(6)For the purposes of this section, Part 5A of ITA 2007 (seed enterprise investment scheme) applies to determine whether SEIS relief is attributable to any shares and, if so, the amount of SEIS relief so attributable.]
Textual Amendments
F1Ss. 150E, 150F inserted (with effect in accordance with Sch. 6 para. 24(1) of the amending Act) by Finance Act 2012 (c. 14), Sch. 6 para. 3