Income Tax Act 2007 (c. 3)

Part 5 U.K. Enterprise investment scheme

Chapter 7 U.K. Withdrawal or reduction of EIS relief: procedure

Assessments and appeals U.K.

237 Time limits for assessments U.K.

(1) An officer of Revenue and Customs may F1 ... —

(a) make an assessment for withdrawing or reducing the EIS relief attributable to any of the relevant shares, or

(b) give a notice under section 234(3)(b),

[F2 at any time not more than] 6 years after the end of the relevant tax year.

(2) In subsection (1) “the relevant tax year” means—

(a) the tax year in which the time mentioned in section 175(3) (the use of money raised requirement) falls, or

(b) the tax year in which the event which causes the EIS relief to be withdrawn or reduced occurs,

whichever is the later.

(3) Subsection (1) is without prejudice to section [F3 36(1A)] of TMA 1970 [F4 (loss of tax brought about deliberately etc)].

Textual Amendments

F1 Word in s. 237(1) omitted (1.4.2010) by virtue of Finance Act 2008 (c. 9), s. 118(2), Sch. 39 para. 59(2)(a); S.I. 2009/403, art. 2(2) (with art. 10)

F2 Words in s. 237(1) substituted (1.4.2010) by Finance Act 2008 (c. 9), s. 118(2), Sch. 39 para. 59(2)(b); S.I. 2009/403, art. 2(2) (with art. 10)

F3 Word in s. 237(3) substituted (1.4.2010) by Finance Act 2008 (c. 9), s. 118(2), Sch. 39 para. 59(3)(a); S.I. 2009/403, art. 2(2) (with art. 10)

F4 Words in s. 237(3) substituted (1.4.2010) by Finance Act 2008 (c. 9), s. 118(2), Sch. 39 para. 59(3)(b); S.I. 2009/403, art. 2(2) (with art. 10)