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HMRC internal manual

Venture Capital Schemes Manual

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HM Revenue & Customs
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EIS: deferral relief: shares issued before 6 April 1998: relevant time limits for making the investment

TCGA92/SCH5B/PARA1 (3)

The EIS shares subscribed for must be issued in the period which runs from one year before to three years after the disposal. If the shares were subscribed for before the chargeable gain accrued they must still be held at the date the gain accrued.

HMRC has statutory power to extend the EIS deferral relief time limits and this power has not been delegated to HMRC officers in area offices.

If the EIS shares are issued outside the time limits and a request is made for an extension, follow the instructions at VCM58060. This refers to VCT shares but for EIS deferral relief purposes it should be read as referring to EIS shares.