Income Tax Act 2007

205Compliance statementsU.K.
This section has no associated Explanatory Notes

(1)A “compliance statement” is a statement, in respect of an issue of shares, to the effect that, except so far as they fall to be met by or in relation to the individuals to whom shares included in that issue have been issued, the requirements for EIS relief (see section 157)—

(a)are for the time being met in relation to the shares to which the statement relates, and

(b)have been so met at all times since the shares were issued.

(2)In determining for the purposes of subsection (1) whether the requirements for EIS relief are met at any time in relation to the issue of shares, references in this Part to “the relevant shares” are read as references to the shares included in the issue.

(3)A compliance statement must be in such form as the Commissioners for Her Majesty's Revenue and Customs direct and must contain—

(a)such additional information as the Commissioners reasonably require, including in particular information relating to the persons who have requested the issue of compliance certificates,

(b)a declaration that the statement is correct to the best of the issuing company's knowledge and belief, and

(c)such other declarations as the Commissioners may reasonably require.

(4)The issuing company may not provide an officer of Revenue and Customs with a compliance statement in respect of any shares issued by it in any tax year—

(a)before the requirement in section 176(2) or (3) (trade etc must have been carried on for 4 months) is met, or

(b)later than two years after the end of that tax year or, if that requirement is first met after the end of that tax year, later than two years after the requirement is first met.