Textual Amendments
F1Pt. 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
Modifications etc. (not altering text)
C1Pt. 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)
If any SEIS relief which has been obtained falls to be withdrawn or reduced under Chapter 6, it must be withdrawn or reduced by the making of an assessment to income tax for the tax year for which the relief was obtained.
For the purposes of the provisions of TMA 1970 relating to appeals, the giving of notice by an officer of Revenue and Customs under section 257FR(3)(b) is taken to be a decision disallowing a claim by the issuing company.
(1)An officer of Revenue and Customs may—
(a)make an assessment for withdrawing or reducing the SEIS relief attributable to any of the relevant shares, or
(b)give a notice under section 257FR(3),
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 period B ends, or
(b)the tax year in which the event which causes the SEIS relief to be withdrawn or reduced occurs,
whichever is the later.
(3)Subsection (1) is without prejudice to section 36(1A) of TMA 1970 (loss of tax brought about deliberately etc).
(1)No assessment for withdrawing or reducing SEIS relief in respect of shares issued to an individual may be made because of an event occurring after the individual's death.
(2)Subsection (3) applies if an individual has, by a disposal or disposals to which section 257FA(3) applies, disposed of all shares which—
(a)have been issued to the individual by the issuing company, and
(b)are shares—
(i)to which SEIS relief is attributable, or
(ii)in relation to which period A has not come to an end.
(3)No assessment for withdrawing or reducing SEIS relief in respect of those shares may be made because of any subsequent event unless the event occurs at a time when the individual—
(a)has a substantial interest in the company within the meaning of section 257BB,
(b)is an employee of the issuing company, or
(c)is a director of the issuing company.]