Income Tax Act 2007

157 Eligibility for EIS relief U.K.

(1) An individual (“the investor”) is eligible for EIS relief in respect of an amount subscribed by the investor on the investor's own behalf for an issue of shares in a company (“the issuing company”) if—

[F1 (za) the risk-to-capital condition is met (see section 157A),]

(a) the shares (“the relevant shares”) are issued to the investor,

[F2 (aa) the shares are issued before 6 April [F3 2035],]

(b) the investor is a qualifying investor in relation to the relevant shares (see Chapter 2),

(c) the general requirements (including requirements as to the purpose of the issue of shares and the use of money raised) are met in respect of the relevant shares (see Chapter 3), and

(d) the issuing company is a qualifying company in relation to the relevant shares (see Chapter 4).

[F4 (1A) The Treasury may, by regulations, amend subsection (1)(aa) to substitute a different date for the date for the time being specified there.]

F5 (2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F6 (3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1 S. 157(1)(za) inserted (15.3.2018) by Finance Act 2018 (c. 3), s. 14(1)(a)(4); S.I. 2018/931, reg. 2(a)

F2 S. 157(1)(aa) inserted (18.11.2015) by Finance (No. 2) Act 2015 (c. 33), Sch. 5 para. 2(2)

F3 Word in s. 157(1)(aa) substituted (3.9.2024) by Finance Act 2024 (c. 3), s. 11(1)(a)(2); S.I. 2024/897, reg. 2

F4 S. 157(1A) inserted (18.11.2015) by Finance (No. 2) Act 2015 (c. 33), Sch. 5 para. 2(3)

F5 S. 157(2) omitted (17.7.2012) (with effect in accordance with Sch. 7 para. 22 of the amending Act) by virtue of Finance Act 2012 (c. 14), Sch. 7 para. 2

F6 S. 157(3) omitted (17.7.2012) (with effect in accordance with Sch. 7 para. 22 of the amending Act) by virtue of Finance Act 2012 (c. 14), Sch. 7 para. 2