Income Tax Act 2007
Sections and provisions with full text and the judgments that cite each one.
Section 186A — The number of employees requirement
The number of employees requirement 186A 1 If the issuing company is a single company, the full-time equivalent employee number for it must be less than the permitted limit when the relevant shares…
Section 187 — The qualifying subsidiaries requirement
The qualifying subsidiaries requirement 187 Any subsidiary that the issuing company has at any time in period B must be a qualifying subsidiary of the company.
Section 188 — The property managing subsidiaries requirement
The property managing subsidiaries requirement 188 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 189 — Meaning of “qualifying trade”
Meaning of “qualifying trade” 189 1 For the purposes of this Part, 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 it…
Section 190 — Meaning of “qualifying 90% subsidiary”
Meaning of “qualifying 90% subsidiary” 190 1 For the purposes of this Part, a company (“the subsidiary”) is a qualifying 90% subsidiary of another company (“ the relevant company ”) if the following…
Section 191 — Meaning of “qualifying subsidiary”
Meaning of “qualifying subsidiary” 191 1 For the purposes of this Part, a company (“the subsidiary”) is a qualifying subsidiary of another company (“ the relevant company ”) if the following…
Section 191A — Meaning of “permanent establishment”
Meaning of “permanent establishment” 191A 1 This section applies for the purposes of this Part. 2 A company has a “permanent establishment” in the United Kingdom if (and only if)— a it has a fixed…
Section 192 — Meaning of “excluded activities”
Meaning of “excluded activities” 192 1 The following are excluded activities for the purposes of sections 181 and 189— a dealing in land, in commodities or futures or in shares, securities or other…
Section 193 — Excluded activities: wholesale and retail distribution
Excluded activities: wholesale and retail distribution 193 1 This section supplements section 192(1)(b). 2 In this section— a subsections (3) and (4) are for determining whether a trade is a trade of…
Section 194 — Excluded activities: leasing of ships
Excluded activities: leasing of ships 194 1 This section supplements section 192(1)(d) so far as it relates to the leasing of ships other than offshore installations or pleasure craft. 2 In the…
Section 195 — Excluded activities: receipt of royalties and licence fees
Excluded activities: receipt of royalties and licence fees 195 1 This section supplements section 192(1)(e) (receipt of royalties and licence fees). 2 If the requirement of subsection (3) is met, a…
Section 196 — Excluded activities: property development
Excluded activities: property development 196 1 This section supplements section 192(1)(g). 2 “ Property development ” means the development of land— a by a company which has, or at any time has had,…
Section 196A — Excluded activities: shipbuilding
Excluded activities: shipbuilding 196A In section 192(1)(ia) “ shipbuilding ” has the same meaning as in the Framework on state aid to shipbuilding (2003/C 317/06), published in the Official Journal…
Section 196B — Excluded activities: producing coal
Excluded activities: producing coal 196B 1 This section supplements section 192(1)(ib). 2 “ Coal ” has the meaning given by Article 2 of Council Regulation ( EC ) No. 1407/2002 (state aid to coal…
Section 196C — Excluded activities: producing steel
Excluded activities: producing steel 196C In section 192(1)(ic) “ steel ” means any of the steel products listed in Annex 1 to the Guidelines on national regional aid (2006/C 54/08), published in the…
Section 197 — Excluded activities: hotels and comparable establishments
Excluded activities: hotels and comparable establishments 197 1 This section supplements section 192(1)(j). 2 The reference to a comparable establishment is to a guest house, hostel or other…
Section 198 — Excluded activities: nursing homes and residential care homes
Excluded activities: nursing homes and residential care homes 198 1 This section supplements section 192(1)(k). 2 “ Nursing home ” means any establishment which exists wholly or mainly for the…
Section 198A — Excluded activities: ... export of electricity
Excluded activities: ... export of electricity 198A 1 This section supplements section 192(1)(ka). 2 Electricity is exported if it is exported onto a distribution system or transmission system…
Section 198B — Excluded activities: subsidised generation of heat and subsidised production of gas or fuel
Excluded activities: subsidised generation of heat and subsidised production of gas or fuel 198B . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 199 — Excluded activities: provision of services or facilities for another business
Excluded activities: provision of services or facilities for another business 199 1 Providing services or facilities for a business carried on by another person (other than a company of which the…
Section 200 — Power to amend by Treasury order
Power to amend by Treasury order 200 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 201 — Attribution of EIS relief to shares
Attribution of EIS relief to shares 201 1 References in this Part, in relation to any individual, to the EIS relief attributable to any shares or issue of shares are to be read as references to any…
Section 202 — Time for making claims for EIS relief
Time for making claims for EIS relief 202 1 A claim for EIS relief in respect of shares issued by a company in any tax year may be made— a not earlier than the time the requirement in section 176(2)…
Section 203 — Entitlement to claim
Entitlement to claim 203 1 The investor is entitled to make a claim for EIS relief in respect of the amount subscribed by the investor for the relevant shares if the investor has received from the…
Section 204 — Compliance certificates
Compliance certificates 204 1 A “compliance certificate” is a certificate which— a is issued by the issuing company in respect of the relevant shares, b states that, except so far as they fall to be…
Section 205 — Compliance statements
Compliance statements 205 1 A “compliance statement” is a statement, in respect of an issue of shares, to the effect that, except so far as they fall to be met by or in relation to the individuals to…
Section 206 — Appeal against refusal to authorise compliance certificate
Appeal against refusal to authorise compliance certificate 206 For the purpose of the provisions of TMA 1970 relating to appeals, the refusal of an officer of Revenue and Customs to authorise the…
Section 207 — Penalties for fraudulent certificate or statement etc
Penalties for fraudulent certificate or statement etc 207 The issuing company is liable to a penalty not exceeding £3,000 if— a it issues a compliance certificate, or provides a compliance statement,…
Section 208 — Overview of Chapter
Overview of Chapter 208 This Chapter provides for EIS relief to be withdrawn or reduced under— a section 209 (disposal of shares), b section 211 (call options), c section 212 (put options), d section…
Section 209 — Disposal of shares
Disposal of shares 209 1 This section applies if— a the investor disposes of any of the relevant shares, b the disposal takes place before period A ends, and c EIS relief is attributable to the…
Section 210 — Cases where maximum EIS relief not obtained
Cases where maximum EIS relief not obtained 210 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”), is…
Section 211 — Call options
Call options 211 1 This section applies if the investor grants an option which, if exercised, would bind the investor to sell any of the relevant shares. 2 The grant of the option is treated for the…
Section 212 — Put options
Put options 212 1 This section applies if, at any time in period A, a person grants the investor an option which, if exercised, would bind the grantor to purchase any of the relevant shares. 2 Any…
Section 213 — Value received by the investor
Value received by the investor 213 1 This section applies if the investor receives any value from the issuing company at any time in period C relating to the relevant shares. 2 Any EIS relief…
Section 214 — Value received: receipts of insignificant value
Value received: receipts of insignificant value 214 1 Section 213(2) does not apply if the receipt of value is a receipt of insignificant value. This is subject to subsection (2). 2 If— a value is…
Section 215 — Meaning of “receipts of insignificant value”
Meaning of “receipts of insignificant value” 215 1 This section applies for the purposes of section 214. 2 “ A receipt of insignificant value ” means a receipt of an amount of insignificant value,…
Section 216 — When value is received
When value is received 216 1 This section applies for the purposes of sections 213 (value received by the investor) and 218 (value received where there is more than one issue of shares). 2 The…
Section 217 — The amount of value received
The amount of value received 217 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 213 and 218 is given by the…
Section 218 — Value received where there is more than one issue of shares
Value received where there is more than one issue of shares 218 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…
Section 219 — Value received where part of share issue treated as made in previous tax year
Value received where part of share issue treated as made in previous tax year 219 1 This section applies if— a section 213(2) applies to an issue of shares, and b section 158(1) and (2) (form and…
Section 220 — Cases where maximum EIS relief not obtained
Cases where maximum EIS relief not obtained 220 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”), is…
Section 221 — Receipts of value by and from connected persons etc
Receipts of value by and from connected persons etc 221 In sections 213, 214 and 216 to 218— a any reference to a payment or transfer to the investor includes a reference to a payment or transfer…
Section 222 — Receipt of replacement value
Receipt of replacement value 222 1 If— a any EIS relief attributable to the relevant shares would, in the absence of this section, be reduced or withdrawn under section 213 because of a receipt of…
Section 223 — Section 222: supplementary
Section 222: supplementary 223 1 The receipt of the replacement value by the original supplier is ignored for the purposes of section 222(1) to the extent to which it has previously been set (under…
Section 224 — Repayments etc of share capital to other persons
Repayments etc of share capital to other persons 224 1 This section applies if any EIS relief is attributable to shares held by an individual and, at any time in period C, the issuing company or any…
Section 225 — Insignificant repayments ignored for purposes of section 224
Insignificant repayments ignored for purposes of section 224 225 1 A repayment is ignored for the purposes of section 224 (repayments etc of share capital to other persons) if both— a the market…
Section 226 — Amount of repayments etc where there is more than one issue of shares
Amount of repayments etc where there is more than one issue of shares 226 1 This section applies if, in relation to the same repayment, section 224(2) applies to EIS relief attributable to two or…
Section 227 — Single issue affecting more than one individual
Single issue affecting more than one individual 227 1 This section applies if, in relation to the same repayment, section 224(2) applies to EIS relief attributable to shares held by two or more…
Section 228 — Single issue treated as made partly in previous tax year
Single issue treated as made partly in previous tax year 228 1 This section applies if— a section 224(2) applies to EIS relief attributable to shares held by an individual, and b part of the issue of…
Section 229 — Maximum relief not obtained for share issue
Maximum relief not obtained for share issue 229 1 This section applies if section 224(2) applies to EIS relief attributable to shares held by an individual and— a the amount of the reduction (“A”) in…