Income Tax Act 2007
Sections and provisions with full text and the judgments that cite each one.
Section 151 — Interpretation of Chapter
Interpretation of Chapter 151 1 In this Chapter (subject to subsections (2) to (8))— “ bonus shares ” means shares which are issued otherwise than for payment (whether in cash or otherwise), “ civil…
Section 151BA — CITR: identification of securities or shares on a disposal
CITR: identification of securities or shares on a disposal 151BA 1 This section applies for the purpose of identifying the securities or shares disposed of in any case where— a an individual or…
Section 151BB — CITR: rights issues etc
CITR: rights issues etc 151BB 1 If— a an individual or company (“the investor”) holds shares in the CDFI which are of the same class and held in the same capacity (“the existing holding”), b there is…
Section 151BC — CITR: company reconstructions etc
CITR: company reconstructions etc 151BC 1 If— a an individual or company (“the investor”) holds shares in or debentures of a company (“company A”), b there is a reconstruction or amalgamation…
Section 152 — Losses from miscellaneous transactions
Losses from miscellaneous transactions 152 1 If in a tax year (“the loss-making year”) a person makes a loss in a relevant transaction, the person may make a claim for loss relief against relevant…
Section 153 — How relief works
How relief works 153 This section explains how the deductions are to be made. The amount of the loss to be deducted at any step is limited in accordance with section 25(4) and (5). Step 1 Deduct the…
Section 154 — Transactions in deposit rights
Transactions in deposit rights 154 1 This section applies if— a a person makes a loss from the disposal or exercise of a right to receive an amount, b the disposal or exercise is a transaction in a…
Section 154A — Anti-avoidance
Anti-avoidance 154A 1 Subsection (2) applies if— a a person makes a loss in a relevant transaction, and b that loss arises directly or indirectly in consequence of, or otherwise in connection with,…
Section 155 — Time limit for claiming relief
Time limit for claiming relief 155 1 So far as a claim for loss relief against relevant miscellaneous income concerns the amount of the loss for a tax year, it must be made not more than 4 years…
Section 156 — Meaning of “EIS relief” and commencement
Meaning of “EIS relief” and commencement 156 1 This Part provides for EIS income tax relief (“EIS relief”), that is, entitlement to tax reductions in respect of amounts subscribed by individuals for…
Section 157 — Eligibility for EIS relief
Eligibility for EIS relief 157 1 An individual (“the investor”) is eligible for EIS relief in respect of an amount subscribed by the investor on the investor's own behalf for an issue of shares in a…
Section 157A — Risk-to-capital condition
Risk-to-capital condition 157A 1 The risk-to-capital condition is met if, having regard to all the circumstances existing at the time of the issue of the shares, it would be reasonable to conclude…
Section 158 — Form and amount of EIS relief
Form and amount of EIS relief 158 1 If an individual— a is eligible for EIS relief in respect of any amount subscribed for shares, and b makes a claim in respect of all or some of the shares included…
Section 159 — Periods A, B and C
Periods A, B and C 159 1 This section applies for the purposes of this Part in relation to any shares issued by a company. 2 “ Period A ” means the period— a beginning— i with the incorporation of…
Section 160 — Overview of other Chapters of Part
Overview of other Chapters of Part 160 In this Part— a Chapter 5 provides for the attribution of EIS relief to shares and the making of claims for such relief, b Chapter 6 provides for EIS relief to…
Section 161 — Other tax reliefs relating to EIS
Other tax reliefs relating to EIS 161 1 Chapter 6 of Part 4 (losses on disposal of shares) provides for relief against the income of an individual who incurs an allowable loss for capital gains tax…
Section 162 — Overview of Chapter
Overview of Chapter 162 The investor is a qualifying investor in relation to the relevant shares if the requirements of this Chapter are met as to— a no connection with the issuing company (see…
Section 163 — The no connection with the issuing company requirement
The no connection with the issuing company requirement 163 1 The investor must not be connected with the issuing company (whether before or after its incorporation) at any time during the period— a…
Section 164 — The no linked loans requirement
The no linked loans requirement 164 1 No linked loan is to be made by any person, at any time in period A, to the investor or an associate of the investor. 2 In this section “ linked loan ” means any…
Section 164A — The existing shareholdings requirement
The existing shareholdings requirement 164A 1 If, at the time the relevant shares are issued, the investor holds any other shares in a company within subsection (2) (“C”), those other shares must be—…
Section 165 — The no tax avoidance requirement
The no tax avoidance requirement 165 The relevant shares must be subscribed for by the investor for genuine commercial reasons, and not as part of a scheme or arrangement the main purpose or one of…
Section 166 — Connection with issuing company
Connection with issuing company 166 1 For the purposes of this Chapter (except section 168(4)), an individual is connected with the issuing company if the individual or an associate of the individual…
Section 167 — Employees, directors and partners
Employees, directors and partners 167 1 An individual is connected with the issuing company if the individual— a is an employee of— i the issuing company, ii any subsidiary of the issuing company, or…
Section 168 — Directors excluded from connection
Directors excluded from connection 168 1 An individual is not connected with the issuing company under section 167 merely because the individual, or an associate of the individual, is a director of…
Section 169 — Directors qualifying for relief despite connection
Directors qualifying for relief despite connection 169 1 Section 163(1) does not prevent the investor from being a qualifying investor despite the investor's connection with the issuing company at…
Section 170 — Persons interested in capital etc of company
Persons interested in capital etc of company 170 1 An individual is connected with the issuing company if the individual directly or indirectly possesses or is entitled to acquire more than 30% of— a…
Section 171 — Persons subscribing for shares under certain arrangements
Persons subscribing for shares under certain arrangements 171 1 This section applies if an individual (“A”) subscribes for shares in a company (“ the company ”) with which A is not connected under…
Section 172 — Overview of Chapter
Overview of Chapter 172 The general requirements are met in respect of the relevant shares if the requirements of this Chapter are met as to— a the shares (see section 173), aa the maximum amount…
Section 173 — The shares requirement
The shares requirement 173 1 The relevant shares must meet— a the requirements of subsection (2), and b unless they are bonus shares, the requirements of subsection (3). 2 Shares meet the…
Section 173A — The maximum amount raised annually through risk finance investments requirement
The maximum amount raised annually through risk finance investments requirement 173A 1 The total amount of relevant investments made in the issuing company in the year ending with the date the…
Section 173AA — Maximum risk finance investments at the issue date requirement
Maximum risk finance investments at the issue date requirement 173AA 1 The total amount of relevant investments made in the issuing company on or before the issue date must not exceed— a if at the…
Section 173AB — Maximum risk finance investments during period B requirement
Maximum risk finance investments during period B requirement 173AB 1 The requirement of this section applies if condition A or B is met. 2 Condition A is that— a a company becomes a 51% subsidiary of…
Section 173B — The spending of money raised by SEIS investment requirement
The spending of money raised by SEIS investment requirement 173B . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 174 — The purpose of the issue requirement
The purpose of the issue requirement 174 1 The relevant shares (other than any of them which are bonus shares) must be issued in order to raise money for the purpose of a qualifying business activity…
Section 175 — The use of the money raised requirement
The use of the money raised requirement 175 1 A requirement of this section is that all of the money raised by the issue of the relevant shares (other than any of them which are bonus shares) is, no…
Section 175A — The permitted maximum age requirement
The permitted maximum age requirement 175A 1 The requirement of this section is that, if the relevant shares are issued after the initial investing period, condition A, B or C must be met. 2 “ The…
Section 176 — The minimum period requirement
The minimum period requirement 176 1 The issue of shares which includes the relevant shares must meet— a the requirement of subsection (2) in a case where the money raised by an issue of shares is…
Section 177 — The no pre-arranged exits requirement
The no pre-arranged exits requirement 177 1 The issuing arrangements for the relevant shares must not include— a arrangements with a view to the subsequent repurchase, exchange or other disposal of…
Section 178 — The no tax avoidance requirement
The no tax avoidance requirement 178 The relevant shares must be issued for genuine commercial reasons, and not as part of a scheme or arrangement the main purpose or one of the main purposes of…
Section 178A — The no disqualifying arrangements requirement
The no disqualifying arrangements requirement 178A 1 The relevant shares must not be issued, nor any money raised by the issue employed, in consequence or anticipation of, or otherwise in connection…
Section 179 — Meaning of “qualifying business activity”
Meaning of “qualifying business activity” 179 1 In this Part “ qualifying business activity ”, in relation to the issuing company, means— a activity A, or b activity B, if it is carried on by the…
Section 180 — Overview of Chapter
Overview of Chapter 180 The issuing company is a qualifying company in relation to the relevant shares if the requirements of this Chapter are met as to— za UK permanent establishment (see section…
Section 180A — The UK permanent establishment requirement
The UK permanent establishment requirement 180A 1 The issuing company must meet the UK permanent establishment requirement throughout period B. 2 The UK permanent establishment requirement is that…
Section 180B — The financial health requirement
The financial health requirement 180B 1 The issuing company must meet the financial health requirement at the beginning of period B. 2 The financial health requirement is that the issuing company is…
Section 181 — The trading requirement
The trading requirement 181 1 The issuing company must meet the trading requirement throughout period B. 2 The trading requirement is that— a the company, ignoring any incidental purposes, exists…
Section 182 — Ceasing to meet trading requirement because of administration or receivership
Ceasing to meet trading requirement because of administration or receivership 182 1 A company is not regarded as ceasing to meet the trading requirement merely because of anything done in consequence…
Section 183 — The issuing company to carry on the qualifying business activity requirement
The issuing company to carry on the qualifying business activity requirement 183 1 The requirement of this section is met in relation to the issuing company if, at no time in period B, is any of the…
Section 184 — The unquoted status requirement
The unquoted status requirement 184 1 At the beginning of period B— a the issuing company must be an unquoted company, b there must be no arrangements in existence for the issuing company to cease to…
Section 185 — The control and independence requirement
The control and independence requirement 185 1 The control element of the requirement is that— a the issuing company must not at any time in period B control (whether on its own or together with any…
Section 186 — The gross assets requirement
The gross assets requirement 186 A1 In the case of relevant shares issued by a single company that is not a specified Northern Ireland company, the value of the company’s gross assets— a must not…