PART VII GENERAL PROVISIONS RELATING TO TAXATION OF INCOME OF INDIVIDUALS
CHAPTER IIIENTERPRISE INVESTMENT SCHEME
306 Claims.
M1(1)
A claim for relief in respect of eligible shares issued by a company in any year of assessment F1(or treated by section 289B(5) as so issued) shall be made—
F2(a)
not earlier than the time the requirement in section 289A(6) is first satisfied; and
F3(b)
not later than the fifth anniversary of the 31st January next following that year of assessment.
(2)
F4No claim for relief in respect of eligible shares in a company may be made unless the person making the claim has received from the company a certificate issued by the company in such form as the Board may direct and certifying that F5, except so far as they fall to be satisfied by that person, the conditions for the relief are satisfied in relation to those shares.
F6(3)
Before issuing a certificate for the purposes of subsection (2) above a company shall furnish the inspector with a statement to the effect that, except so far as they fall to be satisfied by the persons to whom eligible shares comprised in the share issue have been issued, the conditions for the relief—
(a)
are satisfied in relation to that issue; and
(b)
have been so satisfied at all times since the beginning of the relevant period.
F7(3A)
A company may not furnish an inspector with a statement in respect of any shares issued in any year of assessment—
(a)
later than two years after the end of that year of assessment, or
(b)
if the period of four months referred to in subsection (1)(a) above ended after the end of that year, later than two years after the end of that period
F8. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ..
F9(4)
No certificate shall be issued for the purposes of subsection (2) above without the authority of the inspector; but where the company, or a person connected with the company, has given notice to the inspector under section 310(2) or paragraph 16(2) or (4) of Schedule 5B to the 1992 Act, the authority must be given or renewed after the receipt of the notice.
(5)
Any statement under subsection (3) above shall be in such form as the Board may direct and shall contain—
(a)
such additional information as the Board may reasonably require, including in particular information relating to the persons who have requested the issue of certificates under subsection (2) above;
(b)
a declaration that the statement is correct to the best of the company’s knowledge and belief; and
(c)
such other declarations as the Board may reasonably require.
(6)
Where a company has issued a certificate for the purposes of subsection (2) above, or furnished a statement under subsection (3) above and—
(a)
the certificate or statement is made fraudulently or negligently; or
(b)
the certificate was issued in contravention of subsection (4) above;
the company shall be liable to a penalty not exceeding F10£3,000.
(7)
For the purposes of regulations made under section 203 no regard shall be had to the relief unless a claim for it has been duly made and admitted.
(8)
No application shall be made under section 55(3) or (4) of the Management Act (application for postponement of payment of tax pending appeal) on the ground that the applicant is F11eligible for the relief unless a claim for the relief has been duly made by him.
(9)
For the purposes of section 86 of the Management Act (interest on overdue tax), tax charged by an assessment—
(a)
shall be regarded as due and payable notwithstanding that relief from the tax (whether by discharge or repayment) is subsequently given on a claim for the relief; but
(b)
shall, unless paid earlier or due and payable later, be regarded as paid on the date of the making of the claim on which the relief is given;
and section 91 of that Act (effect on interest of reliefs) shall not apply in consequence of any discharge or repayment for giving effect to the relief.
(10)
M2For the purposes of the provisions of the Management Act relating to appeals against decisions on claims, the refusal of the inspector to authorise the issue of a certificate under subsection (2) above shall be taken to be a decision refusing a claim made by the company.