Income Tax Act 2007
Sections and provisions with full text and the judgments that cite each one.
Section 257ED — Compliance statements
Compliance statements 257ED 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…
Section 257FD — Put options
Put options 257FD 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 257GD — Date from which interest is chargeable
Date from which interest is chargeable 257GD 1 In its application to an assessment made by virtue of section 257G in the case of relief withdrawn or reduced by virtue of a provision listed in…
Section 257HD — Substitution of new shares for old shares
Substitution of new shares for old shares 257HD 1 Subsection (2) applies if, in the case of any new shares held by an individual to which SEIS relief becomes attributable under section 257HB, the old…
Section 257JD — Accreditation as a social impact contractor
Accreditation as a social impact contractor 257JD 1 In this Part “ accredited social impact contractor ” means a company limited by shares that is accredited under this section as a social impact…
Section 257LD — The no linked loans requirement
The no linked loans requirement 257LD 1 No linked loan is to be made by any person, at any time in the longer applicable period, to the investor or an associate of the investor. 2 In this section “…
Section 257MD — The unquoted status requirement
The unquoted status requirement 257MD 1 At the beginning of the shorter applicable period— a the social enterprise must not be a quoted company, b there must be no arrangements in existence for the…
Section 257MND — Limit on investment in shorter applicable period
Limit on investment in shorter applicable period 257MND 1 This section applies where condition A or condition B is met. 2 Condition A is that— a a company becomes a 51% subsidiary of the social…
Section 257PD — Penalties for fraudulent certificate or statement etc
Penalties for fraudulent certificate or statement etc 257PD The social enterprise is liable to a penalty not exceeding £3,000 if— a it issues a compliance certificate, or provides a compliance…
Section 257QD — Cases where maximum SI relief not obtained
Cases where maximum SI relief not obtained 257QD 1 If the investor's liability to income tax is reduced for any tax year in respect of the investment and— a the amount of the reduction (“A”), is less…
Section 257SD — Date from which interest is chargeable
Date from which interest is chargeable 257SD 1 In its application to an assessment made by virtue of section 257S in the case of relief withdrawn or reduced by virtue of a provision listed in…
Section 257TD — Meaning of “control”
Meaning of “control” 257TD 1 In this Part “ control ” is to be read in accordance with sections 450 and 451 of CTA 2010 but as if “company” in those sections included a charity that is a trust. 2 For…
Section 257AE — CGT reliefs relating to SEIS
CGT reliefs relating to SEIS 257AE 1 Section 150E of TCGA 1992 makes provision about gains or losses on the disposal of shares to which SEIS relief is attributable. 2 Schedule 5BB to that Act…
Section 257BE — The no tax avoidance requirement
The no tax avoidance requirement 257BE 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 257CE — The no tax avoidance requirement
The no tax avoidance requirement 257CE 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 257DE — The financial health requirement
The financial health requirement 257DE 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 257E — Attribution of SEIS relief to shares
Attribution of SEIS relief to shares 257E 1 References in this Part, in relation to any individual, to the SEIS relief attributable to any shares or issue of shares are to be read as references to…
Section 257EE — Appeal against refusal to authorise compliance certificate
Appeal against refusal to authorise compliance certificate 257EE For the purposes of the provisions of TMA 1970 relating to appeals, the refusal of an officer of Revenue and Customs to authorise the…
Section 257FE — Value received by the investor
Value received by the investor 257FE 1 This section applies if the investor receives any value from the issuing company at any time in period A relating to the relevant shares. 2 Any SEIS relief…
Section 257GE — Information to be provided by the investor
Information to be provided by the investor 257GE 1 This section applies if the investor has obtained SEIS relief in respect of the relevant shares, and an event occurs as a result of which— a the…
Section 257HE — Nominees and bare trustees
Nominees and bare trustees 257HE 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 257JE — Meaning of “social impact contract”
Meaning of “social impact contract” 257JE 1 In this Part “ social impact contract ” means a contract that meets such criteria as may be specified in regulations made by the Treasury. 2 The criteria…
Section 257LE — The no tax avoidance requirement
The no tax avoidance requirement 257LE The investment must not be made as part of any arrangements the main purpose or one of the main purposes of which is the avoidance of tax.
Section 257ME — The control and independence requirements
The control and independence requirements 257ME 1 The social enterprise must not at any time in the shorter applicable period control (whether on its own or together with any person connected with…
Section 257MNE — Power to amend limits on amounts that may be invested
Power to amend limits on amounts that may be invested 257MNE 1 The Treasury may by regulations substitute a different figure for the figure for the time being specified in section 257MNA(2),…
Section 257PE — Power to amend Chapter
Power to amend Chapter 257PE 1 The Treasury may by order amend this Chapter. 2 An order under this section may include consequential, incidental or transitional provision or savings, including…
Section 257QE — When value is received
When value is received 257QE 1 This section applies for the purposes of sections 257Q and 257QB. 2 The investor receives value from the social enterprise at any time when the social enterprise— a…
Section 257SE — Information to be provided by the investor
Information to be provided by the investor 257SE 1 This section applies if the investor has obtained SI relief in respect of the investment, and an event occurs as a result of which— a the SI relief…
Section 257TE — Minor definitions etc
Minor definitions etc 257TE 1 In this Part— “arrangements” (except as used, in sections 257LB and 257QK, in the expressions “issuing arrangements” and “repayment arrangements”) includes any scheme,…
Section 257BF — Persons with a substantial interest in a company
Persons with a substantial interest in a company 257BF 1 An individual has a substantial interest in a company if the individual directly or indirectly possesses or is entitled to acquire more than…
Section 257CF — The no disqualifying arrangements requirement
The no disqualifying arrangements requirement 257CF 1 The relevant shares must not be issued, nor any money raised by the issue spent, in consequence or anticipation of, or otherwise in connection…
Section 257DF — The unquoted status requirement
The unquoted status requirement 257DF 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…
Section 257EF — Penalties for fraudulent certificate or statement etc
Penalties for fraudulent certificate or statement etc 257EF The issuing company is liable to a penalty not exceeding £3,000 if— a it issues a compliance certificate, or provides a compliance…
Section 257F — Overview of Chapter
Overview of Chapter 257F This Chapter provides for SEIS relief to be withdrawn or reduced under— a section 257FA (disposal of shares), b section 257FC (call options), c section 257FD (put options), d…
Section 257FF — Value received: receipts of insignificant value
Value received: receipts of insignificant value 257FF 1 Section 257FE(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…
Section 257GF — Information to be provided by the issuing company etc
Information to be provided by the issuing company etc 257GF 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 257HF — Meaning of “new qualifying trade”
Meaning of “new qualifying trade” 257HF 1 For the purposes of this Part a qualifying trade carried on by the issuing company or a qualifying 90% subsidiary of that company (“ the relevant company ”)…
Section 257JF — Accreditations: supplementary provisions
Accreditations: supplementary provisions 257JF 1 An accreditation must be made so as to be conditional on compliance with— a any requirements imposed by or under regulations, and b any other…
Section 257LF — Restrictions on being an employee, partner or paid director
Restrictions on being an employee, partner or paid director 257LF 1 This section applies— a to the investor, and b to any individual who is an associate of the investor. 2 An individual to whom this…
Section 257MF — The qualifying subsidiaries requirement
The qualifying subsidiaries requirement 257MF Any subsidiary that the social enterprise has at any time in the shorter applicable period must be a qualifying subsidiary of the social enterprise.
Section 257QF — The amount of value received
The amount of value received 257QF 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 257Q and 257QB is given by…
Section 257SF — Information to be provided by the social enterprise etc
Information to be provided by the social enterprise etc 257SF 1 This section applies if the social enterprise has provided an officer of Revenue and Customs with a compliance statement in respect of…
Section 257DG — The control and independence requirement
The control and independence requirement 257DG 1 The control element of the requirement is that— a the issuing company must not at any time in period A control (whether on its own or together with…
Section 257EG — Power to amend sections 257EC and 257ED
Power to amend sections 257EC and 257ED 257EG 1 The Treasury may by order make such amendments of sections 257EC and 257ED as they consider appropriate. 2 An order under this section may include…
Section 257FG — Meaning of “a receipt of insignificant value”
Meaning of “a receipt of insignificant value” 257FG 1 This section applies for the purposes of section 257FF. 2 “ A receipt of insignificant value ” means a receipt of an amount of insignificant…
Section 257G — Assessments for the withdrawal or reduction of SEIS relief
Assessments for the withdrawal or reduction of SEIS relief 257G If any SEIS relief which has been obtained falls to be withdrawn or reduced under Chapter 6, it must be withdrawn or reduced by the…
Section 257GG — Power to require information where section 257GE or 257GF applies or could have applied
Power to require information where section 257GE or 257GF applies or could have applied 257GG 1 This section applies if an officer of Revenue and Customs has reason to believe that a person— a has…
Section 257HG — Meaning of “qualifying business activity”
Meaning of “qualifying business activity” 257HG 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 257JG — Period of accreditation as a social impact contractor
Period of accreditation as a social impact contractor 257JG 1 An accreditation under section 257JD has effect for a period— a beginning with the day specified in the accreditation, and b of a length…
Section 257LG — The requirement not to be interested in capital etc of social enterprise
The requirement not to be interested in capital etc of social enterprise 257LG 1 This section applies— a to the investor, and b to any individual who is an associate of the investor. 2 In this…