Part 5

Enterprise investment scheme
Chapter 6

Withdrawal or reduction of EIS relief

Miscellaneous

Relief subsequently found not to have been due
234
1
Any EIS relief obtained by the investor which is subsequently found not to have been due must be withdrawn.
2
EIS relief obtained by the investor in respect of the relevant shares may not be withdrawn on the ground—
a
that the requirements of sections 174 and 175 (the purpose of the issue and use of money raised requirements) are not met in respect of the shares, or
b
that the issuing company is not a qualifying company in relation to the shares (see Chapter 4),
unless the requirements of subsection (3) are met.
3
The requirements of this subsection are met if either—
a
the issuing company has given notice under section 241, or paragraph 16(2) or (4) of Schedule 5B to TCGA 1992, (information to be provided by issuing company etc) in relation to the relevant issue of shares, or
b
an officer of Revenue and Customs has given notice to that company stating the officer's opinion that, because of the ground in question, the whole or any part of the EIS relief obtained by any individual in respect of shares included in the relevant issue of shares was not due.
4
In this section “the relevant issue of shares” means the issue of shares in the issuing company which includes the relevant shares.