Income Tax Act 2007
Sections and provisions with full text and the judgments that cite each one.
Section 257MNA — Maximum amount where investment made in first 7 years
Maximum amount where investment made in first 7 years 257MNA 1 This section applies where— a the investment is made before the end of the period of 7 years beginning with the relevant first…
Section 257MQA — Excluded activities: nursing homes and residential care homes
Excluded activities: nursing homes and residential care homes 257MQA 1 This section supplements section 257MQ(1)(bc). 2 “ Nursing home ” means any establishment which exists wholly or mainly for the…
Section 257PA — Entitlement to claim
Entitlement to claim 257PA 1 The investor is entitled to make a claim for SI relief in respect of the amount invested if the investor has received from the social enterprise a compliance certificate…
Section 257QA — Value received: insignificant receipts
Value received: insignificant receipts 257QA 1 In this section “ insignificant receipt ” means a receipt whose amount— a is not more than £1,000, or b is more than £1,000 but is insignificant in…
Section 257RA — Cases where maximum relief not obtained
Cases where maximum relief not obtained 257RA 1 Subsection (2) applies if the investor's liability to income tax for any tax year is reduced under this Part in respect of the investment and— a the…
Section 257SA — Appeals against section 257QS(3)(b) notices
Appeals against section 257QS(3)(b) notices 257SA 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 257TA — Identification of investments on a disposal
Identification of investments on a disposal 257TA 1 The rules in subsections (2) and (3) are for determining which investments of any class are treated as disposed of for the purposes of— a section…
Section 257AB — Form and amount of SEIS relief
Form and amount of SEIS relief 257AB 1 If an individual— a is eligible for SEIS relief in respect of any amount subscribed for shares, and b makes a claim in respect of all or some of the shares…
Section 257B — Overview of Chapter
Overview of Chapter 257B The investor is a qualifying investor in relation to the relevant shares if the requirements of this Chapter are met as to— a no employee investors (see section 257BA), b no…
Section 257BB — The no substantial interest in the issuing company requirement
The no substantial interest in the issuing company requirement 257BB The investor must not have a substantial interest in the issuing company at any time during period A.
Section 257CB — The purpose of the issue requirement
The purpose of the issue requirement 257CB 1 The relevant shares (other than any of them which are bonus shares) must be issued in order to raise money for the purposes of a qualifying business…
Section 257DB — Ceasing to meet trading requirement: administration etc
Ceasing to meet trading requirement: administration etc 257DB 1 A company is not regarded as ceasing to meet the trading requirement merely because of anything done in consequence of the company or…
Section 257EB — Entitlement to claim
Entitlement to claim 257EB 1 The investor is entitled to make a claim for SEIS relief in respect of the amount subscribed by the investor for the relevant shares if the investor has received from the…
Section 257FB — Cases where maximum SEIS relief not obtained
Cases where maximum SEIS relief not obtained 257FB 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 257GB — Time limits for assessments
Time limits for assessments 257GB 1 An officer of Revenue and Customs may— a make an assessment for withdrawing or reducing the SEIS relief attributable to any of the relevant shares, or b give a…
Section 257HB — Continuity of SEIS relief where issuing company is acquired by new company
Continuity of SEIS relief where issuing company is acquired by new company 257HB 1 This section applies if— a a company (“the new company”) in which the only issued shares are subscriber shares…
Section 257JB — Meaning of “community benefit society”
Meaning of “community benefit society” 257JB 1 In this Part “ community benefit society ” means a body that— a is registered as a community benefit society under the 2014 Act, b is a pre-commencement…
Section 257KB — When investment is made, and “investment date”
When investment is made, and “investment date” 257KB 1 For the purposes of this Part “ the investment date ” means the date on which the investment is made. 2 So far as the investment is in shares,…
Section 257LB — The no pre-arranged exits requirements
The no pre-arranged exits requirements 257LB 1 There must not at any time in the shorter applicable period be any arrangements in existence for the investment to be redeemed, repaid, repurchased,…
Section 257MB — Power to amend limits on amounts raised
Power to amend limits on amounts raised 257MB . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 257MNB — Section 257MNA: supplementary
Section 257MNA: supplementary 257MNB 1 In section 257MNA(2) the reference to relevant investments “ made in the social enterprise ” includes— a relevant investments made in a company which, at the…
Section 257PB — Compliance statements
Compliance statements 257PB 1 For the purposes of this Part, a “compliance statement” in respect of the investment is a statement by the social enterprise to the effect that, except so far as they…
Section 257QB — Value received where there is more than one issue of investments
Value received where there is more than one issue of investments 257QB 1 Subsection (3) applies if— a a time in the longer applicable period when the investor receives value from the social…
Section 257RB — Call options
Call options 257RB 1 This section applies if the investor grants an option which, if exercised, would bind the investor to sell the whole or part of investment. 2 The grant of the option is treated…
Section 257SB — Time limits for assessments
Time limits for assessments 257SB 1 An officer of Revenue and Customs may— a make an assessment for withdrawing or reducing the SI relief attributable to whole or any part of the investment, or b…
Section 257TB — Meaning of a company being “in administration” or “in receivership”
Meaning of a company being “in administration” or “in receivership” 257TB 1 References in this Part to a company being “in administration” or “in receivership” are to be read as follows. 2 A company…
Section 257AC — Meaning of “period A” and “period B”
Meaning of “period A” and “period B” 257AC 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 with the…
Section 257BC — The no related investment arrangements requirement
The no related investment arrangements requirement 257BC The investor (“P”) must not subscribe for the relevant shares as part of an arrangement which provides for another person to subscribe for…
Section 257C — Overview of Chapter
Overview of Chapter 257C 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 257CA), b the purpose of the…
Section 257CC — The spending of the money raised requirement
The spending of the money raised requirement 257CC 1 The requirement of this section is that before the end of period B all of the money raised by the issue of the relevant shares (other than any of…
Section 257DC — The issuing company to carry on the qualifying business activity
The issuing company to carry on the qualifying business activity 257DC 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 following—…
Section 257EC — Compliance certificates
Compliance certificates 257EC 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…
Section 257FC — Call options
Call options 257FC 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…
Section 257GC — Cases where assessments not to be made
Cases where assessments not to be made 257GC 1 No assessment for withdrawing or reducing SEIS relief in respect of shares issued to an individual may be made because of an event occurring after the…
Section 257HC — Carry over of obligations etc where SEIS relief attributed to new shares
Carry over of obligations etc where SEIS relief attributed to new shares 257HC 1 This section applies if, under section 257HB, any SEIS relief which is attributable to any old shares becomes…
Section 257JC — Charities that are trusts
Charities that are trusts 257JC In this Part (except section 257JD), a reference to a company includes a reference to a charity that is a trust.
Section 257KC — “Shorter applicable period” and “longer applicable period”
“Shorter applicable period” and “longer applicable period” 257KC 1 In this Part “the shorter applicable period” and “the longer applicable period” have the meaning given by this section. 2 The…
Section 257LC — The no risk avoidance requirement
The no risk avoidance requirement 257LC 1 There must not at any time in the shorter applicable period be any arrangements in existence the main purpose or one of the main purposes of which is (by…
Section 257MC — The gross assets requirement
The gross assets requirement 257MC 1 If the social enterprise is a single company, the value of its assets— a must not exceed £15 million immediately before the investment is made, and b must not…
Section 257MNC — Maximum amount for cases outside section 257MNA
Maximum amount for cases outside section 257MNA 257MNC 1 This section applies where— a the investment is made at any time after the period mentioned in section 257MNA(1)(a), and b it is not the case…
Section 257PC — Compliance certificates
Compliance certificates 257PC 1 For the purposes of this Chapter, a “compliance certificate” is a certificate which— a is issued by the social enterprise in respect of the investment, b states that,…
Section 257QC — Value received where part of investment treated as made in previous tax year
Value received where part of investment treated as made in previous tax year 257QC 1 Subsection (2) applies if— a section 257Q(1) applies to a receipt, and b section 257JA(1) and (2) apply as if part…
Section 257RC — Put options
Put options 257RC 1 This section applies if, at any time in the longer applicable period, a person grants the investor an option which, if exercised, would bind the grantor to purchase the whole or…
Section 257SC — Cases where assessment not to be made
Cases where assessment not to be made 257SC 1 No assessment for withdrawing or reducing SI relief in respect of the investment may be made because of an event occurring after the investor's death. 2…
Section 257TC — Meaning of “associate”
Meaning of “associate” 257TC 1 In this Part “ associate ”, in relation to a person, means— a any relative or partner of the person, b the trustee or trustees of any settlement in relation to which…
Section 257AD — Overview of other Chapters of Part
Overview of other Chapters of Part 257AD In this Part— a Chapter 5 provides for the attribution of SEIS relief to shares and the making of claims for such relief, b Chapter 6 provides for SEIS relief…
Section 257BD — The no linked loan requirement
The no linked loan requirement 257BD 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…
Section 257CD — The no pre-arranged exits requirement
The no pre-arranged exits requirement 257CD 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 257D — Overview of Chapter
Overview of Chapter 257D The issuing company is a qualifying company in relation to the relevant shares if the requirements of this Chapter are met as to— a trading (see section 257DA), b the issuing…
Section 257DD — The UK permanent establishment requirement
The UK permanent establishment requirement 257DD 1 The issuing company must meet the UK permanent establishment requirement throughout period B. 2 The UK permanent establishment requirement is that…