[SEIS re-investment reliefU.K.
1(1)Sub-paragraph (5) applies where conditions A to C are met in relation to an individual (“the investor”).U.K.
(2)Condition A is that—
(a)there would (ignoring sub-paragraphs (5) and (6)) be a chargeable gain (“the original gain”) accruing to the investor at any time in the tax year 2012-13 [[or any subsequent tax year] (the year in question being referred to in this Schedule as “the relevant year”)], and
(b)the original gain is one accruing on the disposal of an asset by the investor at any time (“the disposal time”) in [the relevant year].
(3)Condition B is that—
(a)the investor is eligible for SEIS relief for the [relevant year] in respect of an amount subscribed for an issue of shares in a company made to the investor in that year,
(b)the investor makes a claim for and obtains SEIS relief for that year in respect of all or some of those shares (“the relevant SEIS shares”), and
(c)if the relevant SEIS shares, or any corresponding bonus shares in relation to those shares, were issued before the disposal time, they are still held by the investor at the disposal time.
(4)Condition C is that—
(a)the investor has made a claim under this paragraph for relief in relation to the original gain, and
(b)the claim is in respect of the amount on which SEIS relief is claimed by the investor in respect of the relevant SEIS shares (“the SEIS expenditure”) or part of that amount.
[(5)The relevant percentage of the available SEIS expenditure is to be set against a corresponding amount of the original gain.
(5A)In sub-paragraph (5)—
(6)Where an amount of the SEIS expenditure is set against the whole or part of the original gain under sub-paragraph (5), so much of that gain as is equal to that amount is to be treated as not being a chargeable gain.
(7)For the purposes of this paragraph—
(a)the SEIS expenditure is unused to the extent that it has not already been set under sub-paragraph (5) or paragraph 2(1) of Schedule 5B against the whole or any part of a chargeable gain, and
(b)the original gain is unmatched, in relation to the SEIS expenditure, to the extent that it has not had any other expenditure set against it under sub-paragraph (5) or paragraph 2(1) of Schedule 5B.]