Textual Amendments
F1Pt. 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)
C1Pt. 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)
(1)This section applies if the investor has obtained SEIS relief in respect of the relevant shares, and an event occurs as a result of which—
(a)the investor is not a qualifying investor in relation to the shares,
(b)the SEIS relief falls to be withdrawn or reduced by virtue of section 257BD (no linked loans requirement),
(c)the SEIS relief falls to be withdrawn or reduced under—
(i)section 257FA (disposal of shares),
(ii)section 257FC (call options), or
(iii)section 257FD (put options), or
(d)the SEIS relief falls to be withdrawn or reduced under section 257FE (receipt of value by the investor), or would fall to be so withdrawn or reduced but for section 257FN (receipt of replacement value).
(2)The investor must within 60 days of coming to know of the event give a notice to an officer of Revenue and Customs containing particulars of the event.
(3)If the investor—
(a)is required under this section to give notice of a receipt of value which is within section 257FE, or would be within that section but for section 257FN, and
(b)has knowledge of any replacement value received (or expected to be received) because of a qualifying receipt,
the notice must include particulars of that receipt of replacement value (or expected receipt).
(4)In subsection (3) “qualifying receipt” and “replacement value” are to be read in accordance with section 257FN.
(1)This section applies if the issuing company has provided an officer of Revenue and Customs with a compliance statement in respect of an issue of shares and an event occurs as a result of which—
(a)the requirement of section 257CC (spending of the money raised) is not met in respect of any of the shares included in the issue, or would not be met if SEIS relief had been obtained in respect of the shares in question,
(b)any provision of Chapter 4 has effect to prevent the issuing company being a qualifying company in relation to any of the shares included in the issue, or would have such an effect if SEIS relief had been obtained in respect of the shares in question, or
(c)any of the provisions of Chapter 6 mentioned in subsection (2) has effect to cause any SEIS relief attributable to any of the shares included in the issue to be withdrawn or reduced, or—
(i)would have such an effect if SEIS relief had been obtained in respect of the shares in question, or
(ii)in the case of section 257FE, would have such an effect but for section 257FN (receipt of replacement value).
(2)The provision are—
(a)section 257FE (value received by the investor),
(b)section 257FP (acquisition of a trade or trading asset), and
(c)section 257FQ (acquisition of share capital).
(3)If this section applies—
(a)the issuing company, and
(b)any person connected with the issuing company who has knowledge of the matters mentioned in subsection (1),
must give a notice to an officer of Revenue and Customs containing particulars of the event.
(4)Any notice required to be given by the issuing company under subsection (3)(a) must be given—
(a)within 60 days of the event, or
(b)if the event is a receipt of value within section 257FH(2) from a person connected with the company (see section 257FM), within 60 days of the company coming to know of the event.
(5)Any notice required to be given by a person under subsection (3)(b) must be given within 60 days of the person coming to know of the event.
(6)If a person—
(a)is required under this section to give notice of a receipt of value which is within section 257FE, or would be within that section but for section 257FN, and
(b)has knowledge of any replacement value received (or expected to be received) because of a qualifying receipt,
the notice must include particulars of that receipt of replacement value (or expected receipt).
(7)In subsection (6) “qualifying receipt” and “replacement value” are to be read in accordance with section 257FN.
(1)This section applies if an officer of Revenue and Customs has reason to believe that a person—
(a)has not given a notice which the person is required to give under section 257GE or 257GF in respect of any event, or
(b)has given or received value within the meaning of section 257FH(2) or (8) which, but for the fact that the amount given or received was an amount of insignificant value, would have triggered a requirement to give such a notice.
(2)The officer may by notice require the person concerned to supply the officer, within such time as the officer may specify in the notice, with such information relating to the event as the officer may reasonably require for the purposes of this Part.
(3)The period specified in a notice under subsection (2) must be at least 60 days.
(4)In subsection (1)(b), the reference to an amount of insignificant value is construed in accordance with section 257FG(2).
(1)Subsection (2) applies if SEIS relief is claimed in respect of shares in a company, and an officer of Revenue and Customs has reason to believe that it may not be due because of any such arrangements or scheme as is mentioned in—
(a)section 257BC (no related investment arrangements),
(b)section 257BE or 257DB(2) or (4) (no tax avoidance),
(c)section 257CD(1) (no pre-arranged exits),
(d)section 257CF (no disqualifying arrangements),
(e)section 257DB(4) (winding up, administration etc), or
(f)section 257DG(1) or (2) (conditions ceasing to be met).
(2)The officer may by notice require any person concerned to supply the officer within such time as may be specified in the notice with—
(a)a declaration in writing stating whether or not, according to the information which that person has or can reasonably obtain, any such arrangement or scheme exists or has existed, and
(b)such other information as the officer may reasonably require for the purposes of the provision in question and as that person has or can reasonably obtain.
(3)The period specified in a notice under subsection (2) must be at least 60 days.
(4)For the purposes of subsection (2), in a case falling within a provision listed in column 1 of the following table, the person concerned is given by the corresponding entry in column 2 of the table.
| Provision | The person concerned |
|---|---|
| Subsection (1)(a) | The claimant, the company and any person controlling the company |
| Subsection (1)(b) | The claimant |
| Subsection (1)(c) | The claimant, the company and any person connected with the company |
| Subsection (1)(d) | The claimant, the company, any person controlling the company and any person who an officer of Revenue and Customs has reason to believe may be a party to the arrangements in question |
| Subsection (1)(e) | The claimant, the company, any other company in question and any person controlling the company or any other company in question |
| Subsection (1)(f) | The company and any person controlling the company |
References in this subsection to the claimant include references to any person to whom the claimant appears to have made such a transfer as is mentioned in section 257H (spouses or civil partners) of any of the shares in question.
(5)If SEIS relief has been obtained in respect of shares in a company—
(a)any person who receives from the company any payment or asset which may constitute value received (by the person or another) for the purposes of section 257FE, and
(b)any person on whose behalf such a payment or asset is received,
must, if so required by an officer of Revenue and Customs, state whether the payment or asset so received is received on behalf of any other person and, if so, the name and address of that other person.
(6)If SEIS relief has been claimed in respect of shares in a company—
(a)any person who holds or has held shares in the company, and
(b)any person on whose behalf any such shares are or were held,
must, if so required by an officer of Revenue and Customs, state whether the shares so held are or were held on behalf of any other person and, if so, the name and address of that other person.
No obligation of secrecy imposed by statute or otherwise prevents an officer of Revenue and Customs from disclosing to a company that SEIS relief has been obtained or claimed in respect of a particular number or proportion of its shares.]