Finance Act 1994

22 In section 307 (withdrawal of relief)—

(a) in subsection (1), the words from “but” to the end are omitted,

(b) for subsection (2) there is substituted—

“(1A) Relief may not be withdrawn, in relation to shares issued by a company on any date, on the ground that the company is not a qualifying company or that the requirements of section 289(1)(b) or (c) are not met unless—

(a) the company has given notice under section 310, or

(b) an inspector has given notice to the company stating that, by reason of that ground, the whole or any part of the relief given to individuals to whom the shares were issued on that date was not, in his opinion, due.

(1B) The giving of notice by an inspector under subsection (1A) above shall be taken, for the purposes of the provisions of the Management Act relating to appeals against decisions on claims, to be a decision refusing a claim made by the company.

(2) Subject to subsections (3) to (7) below, no assessment for withdrawing relief may be made, and no notice may be given under subsection (1A) above, more than six years after the end of the year of assessment—

(a) in which the time mentioned in section 289(3) falls, or

(b) in which the event by reason of which the claimant ceases to be eligible for relief occurs,

whichever is the later”,

(c) in subsection (6)—

(i) in paragraph (a), for “289(11)” there is substituted “289(6)”,

(ii) after that paragraph there is inserted—

“(aa) in the case of relief withdrawn by virtue of section 289(1)(c), the date on which the relief was granted”, and

(iii) after paragraph (c) there is inserted—

“(cca) in the case of relief withdrawn by virtue of section 299(5), the date on which the option was granted”,

(d) after subsection (8) there is inserted—

“(8A) References in this section to the withdrawal of relief include its reduction”, and

(e) subsection (9) is omitted.