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HMRC internal manual

Venture Capital Schemes Manual

HM Revenue & Customs
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EIS: income tax relief: withdrawal or reduction of EIS relief: procedure: time limits for assessments


Where an assessment to withdraw relief is required because of an event occurring after the date of the claim to relief, it may be made within six years after the end of the year of assessment in which that event occurred.

A discovery by an Inspector under TMA70/S29(1) that any relief obtained was excessive (for example, because not all the conditions were satisfied at the time when it was allowed) should not be regarded as an ‘event’ giving rise to the time limit mentioned in the paragraph above. In these circumstances, the time limit in TMA70/S34(1) (that is, not more than four years after the end of the year of assessment to which it relates) applies, except in a case involving a loss of tax brought about carelessly or deliberately where the extended time limits in TMA70/S36 apply.