Income Tax Act 2007
Sections and provisions with full text and the judgments that cite each one.
Section 257MG — The property-managing subsidiaries requirement
The property-managing subsidiaries requirement 257MG 1 Any property-managing subsidiary that the social enterprise has at any time in the shorter applicable period must be a 90% social subsidiary of…
Section 257QG — Receipts of value by and from connected persons etc
Receipts of value by and from connected persons etc 257QG In sections 257Q, 257QA, 257QB, 257QE and 257QF— a any reference to a payment or transfer to the investor includes a reference to a payment…
Section 257SG — Power to require information in section 257SE or 257SF cases
Power to require information in section 257SE or 257SF cases 257SG 1 This section applies if an officer of Revenue and Customs has reason to believe that a person— a has not given a notice which the…
Section 257DH — The no partnerships requirement
The no partnerships requirement 257DH 1 Neither the issuing company nor any qualifying 90% subsidiary of that company may, at any time during period A, be a member of a partnership. 2 “ Partnership ”…
Section 257FH — When value is received
When value is received 257FH 1 This section applies for the purposes of sections 257FE (value received by the investor) and 257FJ (value received where there is more than one issue). 2 The investor…
Section 257GH — Power to require information in other cases
Power to require information in other cases 257GH 1 Subsection (2) applies if SEIS relief is claimed in respect of shares in a company, and an officer of Revenue and Customs has reason to believe…
Section 257H — Transfers between spouses or civil partners
Transfers between spouses or civil partners 257H 1 This section applies if— a shares to which an amount of SEIS relief is attributable were issued to an individual (“A”), b A transferred the shares…
Section 257HH — Meaning of “disposal of shares”
Meaning of “disposal of shares” 257HH 1 In this Part references to a disposal of shares include a reference to a disposal of an interest or right in or over shares. 2 An individual is to be treated,…
Section 257JH — Functions of Ministers of the Crown under sections 257JD to 257JG
Functions of Ministers of the Crown under sections 257JD to 257JG 257JH 1 A Minister of the Crown may delegate any function given to a Minister of the Crown by or under sections 257JD to 257JG other…
Section 257LH — Requirement for no collusion with a non-qualifying investor
Requirement for no collusion with a non-qualifying investor 257LH There must not at any time in the longer applicable period be any arrangements— a as part of which— i the investor makes the…
Section 257MH — The number of employees requirement
The number of employees requirement 257MH 1 If the social enterprise is a single company, the full-time equivalent employee number for it must be less than 250 when the investment is made. 2 If the…
Section 257QH — Receipt of replacement value
Receipt of replacement value 257QH 1 If— a any SI relief attributable to the investment would, in the absence of this section, be reduced or withdrawn under section 257Q because of a receipt of value…
Section 257SH — Power to require information in other cases
Power to require information in other cases 257SH 1 Subsection (2) applies if SI relief is claimed in respect of the investment, and an officer of Revenue and Customs has reason to believe that it…
Section 257DI — The gross assets requirement
The gross assets requirement 257DI 1 In the case of relevant shares issued by a single company, the value of the company's assets must not exceed £350,000 immediately before the relevant shares are…
Section 257FI — The amount of value received
The amount of value received 257FI In a case falling within a provision listed in column 1 of the following table, the amount of value received for the purposes of sections 257FE and 257FJ is given…
Section 257GI — Obligations of secrecy
Obligations of secrecy 257GI No obligation of secrecy imposed by statute or otherwise prevents an officer of Revenue and Customs from disclosing to a company that SEIS relief has been obtained or…
Section 257HI — Meaning of “issue of shares”
Meaning of “issue of shares” 257HI 1 In this Part— a references (however expressed) to an issue of shares in any company are to such of the shares in the company as are of the same class and issued…
Section 257MI — The no partnership requirement
The no partnership requirement 257MI 1 The requirements in this section apply during the shorter applicable period. 2 The social enterprise must not be a member of any partnership. 3 Each 90% social…
Section 257QI — Section 257QH: supplementary
Section 257QH: supplementary 257QI 1 The receipt of the replacement value by the original supplier is ignored for the purposes of section 257QH(1) to the extent to which it has previously been set…
Section 257SI — Confidentiality
Confidentiality 257SI 1 Section 18(1) of the Commissioners for Revenue and Customs Act 2005 does not prevent an officer of Revenue and Customs from disclosing to the social enterprise that SI relief…
Section 257DJ — The number of employees requirement
The number of employees requirement 257DJ 1 If the issuing company is a single company, the full-time equivalent employee number for it must be less than 25 when the relevant shares are issued. 2 If…
Section 257FJ — Value received where there is more than one issue
Value received where there is more than one issue 257FJ 1 This section applies if— a two or more issues of shares in the issuing company have been made to the investor which include shares in respect…
Section 257HJ — Minor definitions
Minor definitions 257HJ 1 In this Part— “ arrangements ” includes any scheme, agreement, understanding, transaction or series of transactions (whether or not legally enforceable); “ associate ” has…
Section 257J — Meaning of “ SI relief” and “social enterprise”
Meaning of “ SI relief” and “social enterprise” 257J 1 This Part provides for income tax relief for social investments (“ SI relief”), that is, entitlement to tax reductions in respect of amounts…
Section 257MJ — The trading requirement
The trading requirement 257MJ 1 The social enterprise must meet the trading requirement throughout the shorter applicable period, but this does not apply if the social enterprise is an accredited…
Section 257QJ — Repayments etc of share capital to other persons
Repayments etc of share capital to other persons 257QJ 1 This section applies if any SI relief is attributable to the whole or any part of the investment and, at any time in the longer applicable…
Section 257DK — No previous other risk capital scheme investments
No previous other risk capital scheme investments 257DK 1 The requirement of this section is that— a no EIS investment or VCT investment is or has been made in the issuing company on or before the…
Section 257FK — Value received where part of issue treated as made in previous tax year
Value received where part of issue treated as made in previous tax year 257FK 1 This section applies if— a section 257FE(2) applies to an issue of shares, and b section 257AB(1) and (2) (form and…
Section 257K — Eligibility for SI relief
Eligibility for SI relief 257K 1 An individual (“the investor”) who invests in a social enterprise is eligible for SI relief in respect of the amount invested if— a the investment is made— i by the…
Section 257MK — Ceasing to meet trading requirement: administration or receivership
Ceasing to meet trading requirement: administration or receivership 257MK 1 The social enterprise is not regarded as ceasing to meet the trading requirement merely because of anything done in…
Section 257QK — Insignificant payments ignored for the purposes of section 257QJ
Insignificant payments ignored for the purposes of section 257QJ 257QK 1 A repayment is ignored for the purposes of section 257QJ if both— a the market value of the shares to which it relates (“the…
Section 257DL — The amount raised through the SEIS
The amount raised through the SEIS 257DL 1 The sum of the following amounts must not exceed £250,000 — a the amount of the SEIS investment made in the issuing company which includes the relevant…
Section 257FL — Cases where maximum SEIS relief not obtained
Cases where maximum SEIS relief not obtained 257FL 1 If the investor's liability to income tax is reduced for any tax year in respect of any issue of shares and— a the amount of the reduction (“A”),…
Section 257L — Investment to be in new shares or new qualifying debt investments
Investment to be in new shares or new qualifying debt investments 257L 1 At all times during the shorter applicable period, the investment must be in— a shares that meet conditions A and B and are…
Section 257ML — The issue must be to raise money for chosen trade or preparing for it
The issue must be to raise money for chosen trade or preparing for it 257ML 1 The social enterprise must be a party to the making of the investment (so far as not in bonus shares) in order to raise…
Section 257QL — Amount of repayments etc if there is more than one issue of shares
Amount of repayments etc if there is more than one issue of shares 257QL 1 This section applies if, in relation to the same repayment, section 257QJ(2) applies to SI relief attributable to two or…
Section 257DM — The qualifying subsidiaries requirement
The qualifying subsidiaries requirement 257DM Any subsidiary that the issuing company has at any time in period B must be a qualifying subsidiary of the company.
Section 257FM — Receipts of value by and from connected persons etc
Receipts of value by and from connected persons etc 257FM In sections 257FE, 257FF and 257FH to 257FJ— a any reference to a payment or transfer to the investor includes a reference to a payment or…
Section 257M — The continuing to be a social enterprise requirement
The continuing to be a social enterprise requirement 257M The social enterprise must be a social enterprise throughout the shorter applicable period.
Section 257MM — Requirement to use money raised and to trade for minimum period
Requirement to use money raised and to trade for minimum period 257MM 1 All of the money raised by the social enterprise from the making of the investment must, no later than the end of 28 months…
Section 257QM — Single issue affecting more than one individual
Single issue affecting more than one individual 257QM 1 This section applies if, in relation to the same repayment, section 257QJ(2) applies to SI relief attributable to shares held by two or more…
Section 257DN — The property managing subsidiaries requirement
The property managing subsidiaries requirement 257DN 1 Any property managing subsidiary that the issuing company has at any time in period B must be a qualifying 90% subsidiary of the company. 2 “…
Section 257FN — Receipt of replacement value
Receipt of replacement value 257FN 1 If— a any SEIS relief attributable to the relevant shares would, in the absence of this section, be reduced or withdrawn under section 257FE because of a receipt…
Section 257MN — The social enterprise must carry on the chosen trade
The social enterprise must carry on the chosen trade 257MN 1 There must not be a time in the shorter applicable period when— a the chosen trade, or b relevant preparation work, is carried on by a…
Section 257N — Attribution of SI relief to investments
Attribution of SI relief to investments 257N 1 References in this Part, in relation to any individual, to the SI relief attributable to any investment are to be read as references to any reduction…
Section 257QN — Single issue treated as made partly in previous tax year
Single issue treated as made partly in previous tax year 257QN 1 This section applies if— a section 257QJ(2) applies to SI relief attributable to shares held by an individual, and b part of the issue…
Section 257FO — Section 257FN: supplementary
Section 257FN: supplementary 257FO 1 The receipt of the replacement value by the original supplier is ignored for the purposes of section 257FN(1) to the extent to which it has previously been set…
Section 257QO — Maximum relief not obtained for share issue
Maximum relief not obtained for share issue 257QO 1 This section applies if section 257QJ(2) applies to SI relief attributable to shares held by the investor and— a the amount of the reduction (“D”)…
Section 257FP — Acquisition of trade or trading assets
Acquisition of trade or trading assets 257FP 1 Any SEIS relief attributable to any shares in a company held by an individual is withdrawn if— a at any time in period A, the company or any qualifying…
Section 257MP — Meaning of “qualifying trade”
Meaning of “qualifying trade” 257MP 1 For the purposes of this Chapter, a trade is a qualifying trade if— a it is conducted on a commercial basis and with a view to the realisation of profits, and b…