Income Tax Act 2007
Sections and provisions with full text and the judgments that cite each one.
Section 230 — Repayment of authorised minimum within 12 months
Repayment of authorised minimum within 12 months 230 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 231 — Restriction on withdrawal of relief under section 224
Restriction on withdrawal of relief under section 224 231 1 This section applies if, because of a repayment, any investment relief which is attributable under Schedule 15 to FA 2000 to any shares is…
Section 232 — Acquisition of a trade or trading assets
Acquisition of a trade or trading assets 232 1 Any EIS relief attributable to any shares in a company held by an individual is withdrawn if— a at any time in period A, the company or any qualifying…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 233 — Acquisition of share capital
Acquisition of share capital 233 1 Any EIS relief attributable to any shares in a company held by an individual is withdrawn if — a the company comes to acquire all of the issued share capital of…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 234 — Relief subsequently found not to have been due
Relief subsequently found not to have been due 234 1 Any EIS relief obtained by the investor which is subsequently found not to have been due must be withdrawn. 2 EIS relief obtained by the investor…
Section 235 — Assessments for the withdrawal or reduction of EIS relief
Assessments for the withdrawal or reduction of EIS relief 235 If any EIS relief which has been obtained falls to be withdrawn or reduced under Chapter 6, it must be withdrawn or reduced by the making…
Section 236 — Appeals against section 234(3)(b) notices
Appeals against section 234(3)(b) notices 236 1 For the purposes of the provisions of TMA 1970 relating to appeals, the giving of notice by an officer of Revenue and Customs under section 234(3)(b)…
Section 237 — Time limits for assessments
Time limits for assessments 237 1 An officer of Revenue and Customs may ... — a make an assessment for withdrawing or reducing the EIS relief attributable to any of the relevant shares, or b give a…
Section 238 — Cases where assessment not to be made
Cases where assessment not to be made 238 1 No assessment for withdrawing or reducing EIS relief in respect of shares issued to an individual may be made because of an event occurring after the…
Section 239 — Date from which interest is chargeable
Date from which interest is chargeable 239 1 In its application to an assessment made by virtue of section 235 in the case of relief withdrawn or reduced by virtue of a provision listed in subsection…
Section 240 — Information to be provided by the investor
Information to be provided by the investor 240 1 This section applies if the investor has obtained EIS relief in respect of the relevant shares, and an event occurs as a result of which— a the…
Section 241 — Information to be provided by the issuing company etc
Information to be provided by the issuing company etc 241 1 This section applies if the issuing company has provided an officer of Revenue and Customs with a compliance statement in respect of an…
Section 242 — Power to require information where section 240 or 241 applies or could have applied
Power to require information where section 240 or 241 applies or could have applied 242 1 This section applies if an officer of Revenue and Customs has reason to believe that a person— a has not…
Section 243 — Power to require information in other cases
Power to require information in other cases 243 1 Subsection (2) applies if EIS relief is claimed in respect of shares in a company, and an officer of Revenue and Customs has reason to believe that…
Section 244 — Obligations of secrecy
Obligations of secrecy 244 No obligation of secrecy imposed by statute or otherwise prevents an officer of Revenue and Customs from disclosing to a company that EIS relief has been obtained or…
Section 245 — Transfers between spouses or civil partners
Transfers between spouses or civil partners 245 1 This section applies if— a shares to which an amount of EIS relief is attributable were issued to an individual (“A”), b A transferred the shares to…
Section 246 — Identification of shares on a disposal
Identification of shares on a disposal 246 1 The rules in subsections (2) and (3) are for determining which shares of any class are treated as disposed of for the purposes of— a section 209 (disposal…
Section 247 — Continuity of EIS relief where issuing company is acquired by new company
Continuity of EIS relief where issuing company is acquired by new company 247 1 This section applies if— a a company (“the new company”) in which the only issued shares are subscriber shares acquires…
Section 248 — Carry over of obligations etc where EIS relief attributed to new shares
Carry over of obligations etc where EIS relief attributed to new shares 248 1 This section applies if, under section 247, any EIS relief which is attributable to any old shares becomes attributable…
Section 249 — Substitution of new shares for old shares
Substitution of new shares for old shares 249 1 Subsection (2) applies if, in the case of any new shares held by an individual to which EIS relief becomes attributable under section 247, the old…
Section 250 — Nominees and bare trustees
Nominees and bare trustees 250 1 Shares subscribed for, issued to, held by or disposed of for an individual by a nominee are treated for the purposes of this Part as subscribed for, issued to, held…
Section 251 — Approved knowledge-intensive fund as nominee
Approved knowledge-intensive fund as nominee 251 1 This section applies if an individual claims EIS relief in respect of shares in a company at a time when— a the shares have been issued to the…
Section 251A — Powers to amend Chapters 2 to 4 by Treasury regulations
Powers to amend Chapters 2 to 4 by Treasury regulations 251A 1 The Treasury may by regulations add to, repeal or otherwise amend any provision of— a Chapter 2 (the requirements to be met in relation…
Section 252 — Meaning of a company being “in administration” or “in receivership”
Meaning of a company being “in administration” or “in receivership” 252 1 References in this Part to a company being “in administration” or “in receivership” are to be read as follows. 2 A company is…
Section 252A — Meaning of “knowledge-intensive company”
Meaning of “knowledge-intensive company” 252A 1 For the purposes of this Part, the issuing company is a “knowledge-intensive company” at the time the relevant shares are issued if the company meets—…
Section 252B — Knowledge-intensive company reaching turnover of £200,000
Knowledge-intensive company reaching turnover of £200,000 252B 1 This section has effect for the purposes of section 175A(2)(a)(ii) (alternative initial investing period in case of…
Section 253 — Meaning of “associate”
Meaning of “associate” 253 1 In this Part “ associate ”, in relation to a person, means— a any relative or partner of that person, b the trustee or trustees of any settlement in relation to which…
Section 254 — Meaning of “disposal of shares”
Meaning of “disposal of shares” 254 1 In this Part references to a disposal of shares include references to a disposal of an interest or right in or over shares. 2 An individual is to be treated, for…
Section 255 — Meaning of “issue of shares”
Meaning of “issue of shares” 255 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 are issued…
Section 256 — Meaning of “the termination date”
Meaning of “the termination date” 256 1 In this Part “ the termination date ”, in relation to any shares issued by a company, means— a the third anniversary of the issue date, or b if— i the money…
Section 256A — Meaning of “the EIS original rate”
Meaning of “the EIS original rate” 256A In this Part “ the EIS original rate ”, in relation to EIS relief, means the EIS rate for the tax year for which the EIS relief was obtained.
Section 256B — Meaning of “specified Northern Ireland company”
Meaning of “specified Northern Ireland company” 256B For the purposes of this Part, a “ specified Northern Ireland company ” means a company that— a has its registered office in Northern Ireland, and…
Section 257 — Minor definitions etc
Minor definitions etc 257 1 In this Part— “ arrangements ” includes any scheme, agreement, understanding, transaction or series of transactions (whether or not legally enforceable); “ bonus shares ”…
Section 257A — Meaning of “SEIS relief” and commencement
Meaning of “SEIS relief” and commencement 257A 1 This Part provides for SEIS income tax relief (“SEIS relief”), that is, entitlement to tax reductions in respect of amounts subscribed by individuals…
Section 257AA — Eligibility for SEIS relief
Eligibility for SEIS relief 257AA An individual (“the investor”) is eligible for SEIS relief in respect of an amount subscribed by the investor on the investor's own behalf for an issue of shares in…
Section 257AAA — Risk-to-capital condition
Risk-to-capital condition 257AAA 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 257BA — The no employee investors requirement
The no employee investors requirement 257BA 1 Neither the investor nor an associate of the investor may, at any time during period B, be an employee of the issuing company or of any qualifying…
Section 257CA — The shares requirement
The shares requirement 257CA 1 The relevant shares must meet— a the requirements of subsection (2), and b unless they are bonus shares, the requirements of subsection (4). 2 Shares meet the…
Section 257DA — The trading requirement
The trading requirement 257DA 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 257EA — Time for making claims for SEIS relief
Time for making claims for SEIS relief 257EA 1 A claim for SEIS relief in respect of shares issued by a company in any tax year may not be made later than the fifth anniversary of the normal…
Section 257FA — Disposal of shares
Disposal of shares 257FA 1 This section applies if— a the investor disposes of any of the relevant shares, b the disposal takes place before period B ends, and c SEIS relief is attributable to the…
Section 257GA — Appeals against section 257FR(3)(b) notices
Appeals against section 257FR(3)(b) notices 257GA For the purposes of the provisions of TMA 1970 relating to appeals, the giving of notice by an officer of Revenue and Customs under section…
Section 257HA — Identification of shares on a disposal
Identification of shares on a disposal 257HA 1 The rules in subsections (2) and (3) are for determining which shares of any class are treated as disposed of for the purposes of— a section 257FA…
Section 257JA — Form and amount of relief
Form and amount of relief 257JA 1 If an individual— a is eligible for SI relief in respect of any amount, and b makes a claim in respect of all or some of the amount, the individual is entitled to a…
Section 257KA — Key to reading the rest of the Part
Key to reading the rest of the Part 257KA In the following provisions of this Part (except section 257N), a reference to— “the amount invested”, “the investment”, “the investor”, or “the social…
Section 257LA — Condition that the amount invested must have been paid over
Condition that the amount invested must have been paid over 257LA 1 So far as the investment is in shares— a the shares must be subscribed for wholly in cash, and b must be fully paid up at the time…
Section 257LDA — The existing investments requirement
The existing investments requirement 257LDA 1 If at the time immediately before the investment is made the investor holds any shares in or debentures of— a the social enterprise, or b a company which…
Section 257LEA — The no disqualifying arrangements requirement
The no disqualifying arrangements requirement 257LEA 1 The investment must not be made, and money raised by the social enterprise from the making of the investment must not be employed,— a in…
Section 257MA — The amount raised from investments potentially eligible for relief
The amount raised from investments potentially eligible for relief 257MA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 257MIA — The financial health requirement
The financial health requirement 257MIA 1 The social enterprise must meet the financial health requirement at the beginning of the shorter applicable period. 2 The financial health requirement is…