Section 237 — Income Tax Act 2007: Time limits for assessments

Time limits for assessments 237 1 An officer of Revenue and Customs may ... —

a make an assessment for withdrawing or reducing the EIS relief attributable to any of the relevant shares, or b give a notice under section 234(3)(b), at any time not more than 6 years after the end of the relevant tax year.

2 In subsection (1) “ the relevant tax year ” means—

a the tax year in which the time mentioned in section 175(3) (the use of money raised requirement) falls, or b the tax year in which the event which causes the EIS relief to be withdrawn or reduced occurs, whichever is the later.

3 Subsection (1) is without prejudice to section 36(1A) of TMA 1970 (loss of tax brought about deliberately etc ) .