EIS: deferral relief: shares issued before 6 April 1998: when is the deferred gain brought back into charge: shareholder becomes non-resident
TCGA92/SCH5B/PARA3 (1)(c) - (d)
The deferred gain will not be brought back into charge by TCGA92/SCH5B/PARA3 (1)(c) and (d) if the taxpayer emigrates by reason of their employment and all the following conditions are satisfied:
- the shareholder becomes non-resident because they are working in an office or employment all the duties of which are performed outside the UK,
- the shareholder becomes resident or ordinarily resident again within three years of the date of becoming non-resident and the shareholder does not sell any of the eligible shares on which they have claimed deferral relief during the intervening period of non-residence.
If the first condition is satisfied you must wait until the end of the three year period to see if the second and third conditions are satisfied before assessing the deferred gain.