Income Tax Act 2007
Sections and provisions with full text and the judgments that cite each one.
Section 257P — Time for making claims for SI relief
Time for making claims for SI relief 257P 1 A claim for SI relief in respect of the amount invested may be made— a not earlier than the time the requirement in section 257MM(2) (chosen trade must…
Section 257QP — Repayment of authorised minimum within 12 months
Repayment of authorised minimum within 12 months 257QP 1 This section applies if— a a company issues share capital (“the original shares”) of nominal value equal to the authorised minimum (within the…
Section 257FQ — Acquisition of share capital
Acquisition of share capital 257FQ 1 Any SEIS relief attributable to any shares in a company held by an individual is withdrawn if— a the company comes to acquire all of the issued share capital of…
Section 257MQ — Meaning of “excluded activity”
Meaning of “excluded activity” 257MQ 1 The following are excluded activities for the purposes of sections 257JD, 257MJ and 257MP— a dealing in land, in commodities or futures or in shares, securities…
Section 257Q — Effect of the investor receiving value from the social enterprise
Effect of the investor receiving value from the social enterprise 257Q 1 If the investor receives any value from the social enterprise at any time in the longer applicable period, any SI relief given…
Section 257QQ — Acquisition of a trade or trading assets
Acquisition of a trade or trading assets 257QQ 1 Any SI relief attributable to the investment is withdrawn if— a at any time in the longer applicable period, the social enterprise or any qualifying…
Section 257FR — Relief subsequently found not to have been due
Relief subsequently found not to have been due 257FR 1 Any SEIS relief obtained by the investor which is subsequently found not to have been due must be withdrawn. 2 SEIS relief obtained by the…
Section 257MR — Excluded activities: property development
Excluded activities: property development 257MR 1 For the purposes of section 257MQ(1)(c) “ property development ” means the development of land— a by a company which has, or at any time has had, an…
Section 257QR — Acquisition of share capital
Acquisition of share capital 257QR 1 Any SI relief attributable to the investment is withdrawn if— a the social enterprise comes to acquire all of the issued share capital of another company at any…
Section 257R — Disposal of whole or part of the investment
Disposal of whole or part of the investment 257R 1 This section applies if— a the investor disposes of the whole or part of the investment, b the disposal takes place before the shorter applicable…
Section 257MS — Excluded activity: subsidised generation or export of electricity
Excluded activity: subsidised generation or export of electricity 257MS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 257QS — Relief subsequently found not to have been due
Relief subsequently found not to have been due 257QS 1 Any SI relief obtained by the investor which is subsequently found not to have been due must be withdrawn. 2 SI relief obtained by the investor…
Section 257S — Assessments for the withdrawal or reduction of SI relief
Assessments for the withdrawal or reduction of SI relief 257S If any SI relief which has been obtained falls to be withdrawn or reduced under Chapter 7, it must be withdrawn or reduced by the making…
Section 257MT — Excluded activity: providing services or facilities for another business
Excluded activity: providing services or facilities for another business 257MT 1 This section explains what is meant by a controlling interest in a business for the purposes of section 257MQ(1)(h). 2…
Section 257T — Transfers between spouses or civil partners
Transfers between spouses or civil partners 257T 1 This section applies if— a the investor transfers the whole or part of the investment to another individual (“B”) during their lives, b the investor…
Section 257MU — Meaning of “qualifying subsidiary”
Meaning of “qualifying subsidiary” 257MU 1 For the purposes of this Part, a company (“the subsidiary”) is a qualifying subsidiary of another company (“the parent”) if— a the subsidiary is a 51%…
Section 257MV — Meaning of “90% social subsidiary” of a social enterprise
Meaning of “90% social subsidiary” of a social enterprise 257MV 1 For the purposes of this Chapter, a company (“the subsidiary”) is a 90% social subsidiary of another company (“the parent”) if— a the…
Section 257MW — Excluded activities: power to amend
Excluded activities: power to amend 257MW 1 The Treasury may by regulations add to, repeal or otherwise amend any provision of sections 257MQ to 257MT (excluded activities). 2 Regulations under this…
Section 258 — Overview of Part
Overview of Part 258 In this Part— a Chapter 2 provides for VCT income tax relief (“VCT relief”), that is, entitlement to tax reductions in respect of amounts subscribed by individuals for shares…
Section 259 — Venture capital trusts and VCT approvals
Venture capital trusts and VCT approvals 259 1 In this Part “ venture capital trust ” means a company which— a is not a close company, and b is for the time being approved for the purposes of this…
Section 260 — Other tax reliefs relating to VCTs
Other tax reliefs relating to VCTs 260 1 Chapter 5 of Part 6 of ITTOIA 2005 (venture capital trust dividends) provides that, if conditions are met, no liability to income tax arises in respect of…
Section 261 — Eligibility for relief
Eligibility for relief 261 1 An individual (“A”) is eligible for VCT relief for a tax year if— a a VCT issues eligible shares to A in that year, b the VCT issues the shares for raising money, and c A…
Section 261B — Treating trade loss etc as CGT loss
Treating trade loss etc as CGT loss 261B 1 A person may make a claim under this section if— a relief is available to the person under section 64 or 128 of ITA 2007 (trade or employment loss relief…
Section 261C — Meaning of “the maximum amount” for purposes of section 261B
Meaning of “the maximum amount” for purposes of section 261B 261C 1 For the purposes of section 261B “the maximum amount” is the amount on which the person would be chargeable to capital gains tax…
Section 261D — Treating excess post-cessation trade or property relief as CGT loss
Treating excess post-cessation trade or property relief as CGT loss 261D 1 A person may make a claim under this section if— a relief is available to the person under section 96 or 125 of ITA 2007…
Section 261E — Meaning of “the maximum amount” for purposes of section 261D
Meaning of “the maximum amount” for purposes of section 261D 261E 1 For the purposes of section 261D “the maximum amount” is the amount on which the person would be chargeable to capital gains tax…
Section 261F — Deemed manufactured payments: effect on repurchase price
Deemed manufactured payments: effect on repurchase price 261F 1 This section applies if — a the repurchase price of UK shares, UK securities or overseas securities is treated by section 604(2), (4)…
Section 261G — Price differences under repos: effect on repurchase price
Price differences under repos: effect on repurchase price 261G 1 Subsections (2) and (3) apply if— a section 607 of ITA 2007 (treatment of price differences under repos) applies, b an amount is…
Section 261H — Power to modify section 261G in non-arm's length case
Power to modify section 261G in non-arm's length case 261H 1 The Treasury may by regulations provide for section 261G to apply with modifications if the exception in section 608(2) of ITA 2007…
Section 262 — Entitlement to claim relief
Entitlement to claim relief 262 1 An individual (“A”) who is eligible for VCT relief by reference to shares issued in a tax year is entitled to claim VCT relief for that year. 2 A is entitled to…
Section 263 — Form and amount of relief
Form and amount of relief 263 1 An individual who— a is entitled to claim VCT relief for a tax year, and b claims such relief for the year on any amount, is entitled to a tax reduction for the year.…
Section 263F — Power to modify repo provisions: non-standard repo cases
Power to modify repo provisions: non-standard repo cases 263F 1 The Treasury may by regulations provide for— a section 261F (deemed manufactured payments: effect on repurchase price), b section 261G…
Section 263G — Power to modify repo provisions: redemption arrangements
Power to modify repo provisions: redemption arrangements 263G 1 The Treasury may by regulations provide for— a section 261F (deemed manufactured payments: effect on repurchase price), b section 261G…
Section 263H — Sections 263F and 263G: supplementary provisions
Sections 263F and 263G: supplementary provisions 263H 1 Regulations under section 263F or 263G may make different provision for different cases. 2 Regulations under either section may contain…
Section 263I — Powers about manufactured overseas dividends
Powers about manufactured overseas dividends 263I 1 The Treasury may by regulations make provision as mentioned in subsection (2) about prescribed cases where a person— a pays or receives a…
Section 264 — No entitlement to relief if there is a linked loan
No entitlement to relief if there is a linked loan 264 1 An individual is not entitled to VCT relief by reference to any shares (“the relevant shares”) if a linked loan is made by any person, at any…
Section 264A — Restricting relief where there is a linked sale
Restricting relief where there is a linked sale 264A 1 This section applies where— a an individual subscribes for shares (“the relevant shares”) in a VCT (“the VCT ”), and b there is at least one…
Section 265 — No entitlement to relief which would have been lost if it had already been obtained
No entitlement to relief which would have been lost if it had already been obtained 265 An individual is not entitled to VCT relief by reference to any shares if circumstances have arisen which would…
Section 266 — Loss of relief if shares disposed of within 5 years
Loss of relief if shares disposed of within 5 years 266 1 This section applies, subject to section 267 (spouses or civil partners), if an individual— a obtains VCT relief in respect of eligible…
Section 267 — Transfers of shares between spouses or civil partners
Transfers of shares between spouses or civil partners 267 1 Section 266 does not apply in the case of any disposal of shares made by an individual to the individual's spouse or civil partner, if it…
Section 268 — Loss of relief if VCT approval withdrawn
Loss of relief if VCT approval withdrawn 268 1 This section applies if— a the approval of any company as a VCT is withdrawn, and b the withdrawal of the approval is not one to which section 281(3)…
Section 269 — Loss of relief which is subsequently found not to have been due
Loss of relief which is subsequently found not to have been due 269 Any VCT relief obtained which is subsequently found not to have been due is to be withdrawn.
Section 270 — Assessment on withdrawal or reduction of relief
Assessment on withdrawal or reduction of relief 270 1 An assessment for withdrawing or reducing VCT relief under any of sections 266 to 269 must be made for the tax year for which the relief was…
Section 271 — Provision of information
Provision of information 271 1 If an event occurs that results in any VCT relief falling to be withdrawn or reduced, the individual by whom the relief was obtained must, within 60 days of coming to…
Section 272 — Regulations as to procedure etc
Regulations as to procedure etc 272 1 This section applies to VCT relief and relief for which the following provide— a section 151A of TCGA 1992 (VCTs: reliefs), b Schedule 5C to TCGA 1992 (VCTs:…
Section 273 — Interpretation of Chapter
Interpretation of Chapter 273 1 In this Chapter “ eligible shares ”, in relation to a company which is a VCT, means ordinary shares in the VCT which, throughout the period of 5 years beginning on the…
Section 274 — Requirements for the giving of approval
Requirements for the giving of approval 274 1 Subject to section 275, the Commissioners for Her Majesty's Revenue and Customs must not approve a company for the purposes of this Part unless it is…
Section 275 — Alternative requirements for the giving of approval
Alternative requirements for the giving of approval 275 1 This section applies if one or more of the conditions mentioned in section 274(2) are not met with respect to a company in relation to its…
Section 276 — Conditions relating to income
Conditions relating to income 276 1 Subsections (2) and (3) apply in determining for the purposes of the nature of income condition and the income retention condition— a the amount of a company's…
Section 277 — The 15% holding limit condition
The 15% holding limit condition 277 1 If the 15% holding limit condition was met when a holding in a company was acquired or last added to, the condition is treated as continuing to be met until an…