Income Tax Act 2007 (c. 3)

[F1 PART 5A U.K. Seed enterprise investment scheme

Textual Amendments

F1 Pt. 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)

C1 Pt. 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)

CHAPTER 1 U.K. Introduction

Miscellaneous U.K.

257AC Meaning of “period A” and “period B” U.K.

(1) This section applies for the purposes of this Part in relation to any shares issued by a company.

(2) “Period A” means the period—

(a) beginning with the incorporation of the company, and

(b) ending immediately before the termination date relating to the shares.

(3) “Period B” means the period—

(a) beginning with the issue of the shares, and

(b) ending immediately before the termination date relating to the shares.

(4) In this section “the termination date”, in relation to the shares, means the third anniversary of the date on which the shares are issued.

257AD Overview of other Chapters of Part U.K.

In this Part—

(a) Chapter 5 provides for the attribution of SEIS relief to shares and the making of claims for such relief,

(b) Chapter 6 provides for SEIS relief to be withdrawn or reduced in the circumstances mentioned in that Chapter,

(c) Chapter 7 makes provision with respect to the procedure for the withdrawal or reduction of SEIS relief, and

(d) Chapter 8 contains supplementary and general provisions.

257AE CGT reliefs relating to SEIS U.K.

(1) Section 150E of TCGA 1992 makes provision about gains or losses on the disposal of shares to which SEIS relief is attributable.

(2) Schedule 5BB to that Act provides relief in respect of the re-investment under SEIS of the proceeds of assets disposed of in circumstances where there would otherwise be a chargeable gain.]