Search Legislation

Finance Act 2012

Chapter 7

72.New section 257G provides for relief to be withdrawn or reduced by making an assessment.

73.New section 257GB sets a time limit for any such assessment, which must be made within six years of the end of whichever is the later of the tax year in which period B ends, or the tax year in which the event causing the withdrawal or reduction occurs.

74.New section 257GC sets out cases where no such assessment may be made.

75.New section 257GD provides that when an assessment is made under new section 257G to withdraw relief as prescribed by particular provisions of chapters 2, 4 and 5, interest is to be charged from 31 January following the tax year in which the assessment is made.

76.New section 257GE requires the investor to notify HMRC if he or she ceases to be a qualifying investor, or if relief should be withdrawn for one of a number of specified reasons and new section 257 DF places a similar requirement on the company.

77.New section 257GG gives HMRC power to require information where either new section 257GE or new section 257GF applies or could have applied.

78.New section 257GH gives HMRC a power to require information in other cases, specifying from whom information may be required in various different circumstances.

79.New section 257GI allows HMRC to disclose to a company that SEIS relief has been obtained in respect of its shares.

Back to top


Print Options


Explanatory Notes

Text created by the government department responsible for the subject matter of the Act to explain what the Act sets out to achieve and to make the Act accessible to readers who are not legally qualified. Explanatory Notes were introduced in 1999 and accompany all Public Acts except Appropriation, Consolidated Fund, Finance and Consolidation Acts.


More Resources

Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as enacted version that was used for the print copy
  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • correction slips
  • links to related legislation and further information resources