http://www.legislation.gov.uk/ukpga/2007/3/section/257GFIncome Tax Act 2007An Act to restate, with minor changes, certain enactments relating to income tax; and for connected purposes.texttext/xmlenStatute Law Database2026-08-13Expert Participation2026-07-15 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 7257GF1This 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—athe 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,bany 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, orcany 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in subsection (2) has effect to cause any SEIS relief attributable to any of the shares included in the issue to be withdrawn or reduced, or—iwould have such an effect if SEIS relief had been obtained in respect of the shares in question, oriiin the case of section 257FE, would have such an effect but for section 257FN (receipt of replacement value).2The provision are—asection 257FE (value received by the investor),bsection 257FP (acquisition of a trade or trading asset), andcsection 257FQ (acquisition of share capital).3If this section applies—athe issuing company, andbany 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.4Any notice required to be given by the issuing company under subsection (3)(a) must be given—awithin 60 days of the event, orbif 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.5Any 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.6If a person—ais 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, andbhas 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).7In subsection (6) “qualifying receipt” and “replacement value” are to be read in accordance with section 257FN.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