Section 257GC — Income Tax Act 2007: Cases where assessments not to be made

Cases where assessments not to be made 257GC 1 No assessment for withdrawing or reducing SEIS relief in respect of shares issued to an individual may be made because of an event occurring after the individual's death.

2 Subsection (3) applies if an individual has, by a disposal or disposals to which section 257FA(3) applies, disposed of all shares which—

a have been issued to the individual by the issuing company, and b are shares—

i to which SEIS relief is attributable, or ii in relation to which period A has not come to an end.

3 No assessment for withdrawing or reducing SEIS relief in respect of those shares may be made because of any subsequent event unless the event occurs at a time when the individual—

a has a substantial interest in the company within the meaning of section 257BB, b is an employee of the issuing company, or c is a director of the issuing company.