http://www.legislation.gov.uk/ukpga/2007/3/section/257FPIncome Tax Act 2007An Act to restate, with minor changes, certain enactments relating to income tax; and for connected purposes.texttext/xmlenStatute Law Database2026-09-18Expert Participation2026-09-16 Income Tax Act 2007s. 788(7)Legal Services Act 2007Sch. 21 para. 161(b)s. 29 192 193s. 211(2)art. 2(h) PART 5ACHAPTER 6257FP1Any SEIS relief attributable to any shares in a company held by an individual is withdrawn if—aat any time in period A, the company or any qualifying subsidiary—ibegins to carry on as its trade, or as part of its trade, a trade which was previously carried on at any time in that period otherwise than by the company or any qualifying subsidiary, oriiacquires the whole, or the greater part, of the assets used for the purposes of a trade previously so carried on, andbthe individual is a person, or one of a group of persons, to whom subsection (2) or (3) applies.2This subsection applies to any person or group of persons—ato whom an interest amounting in total to more than a half share in the trade (as previously carried on) belonged at any time in period A, andbwho is a person or group of persons to whom such an interest in the trade carried on by the company belongs or has, at any such time, belonged.3This subsection applies to any person or group of persons who—acontrols or, at any time in period A, has controlled the company, andbat any such time, controlled another company which previously carried on the trade.4For the purposes of subsection (2)—afor the purposes of determining the person to whom a trade belongs and, if a trade belongs to two or more persons, their respective shares in that trade—iapply section 941(6) of CTA 2010, andiian interest in a trade belonging to a company may be treated in accordance with any of the options set out in section 942 of that Act, andbany interest, rights or powers of a person who is an associate of another person are treated as those of that other person.5In this section “trade” includes any business or profession, and references to a trade previously carried on include references to part of such a trade.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)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