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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 on or after 6 April 1998: length of period

TCGA92/SCH5B/PARA19; ICTA88/S291 (6) & ITA/S159(4)

For shares issued on or after 6 April 1998 and before 6 April 2000 the period mentioned is the seven-year period which is that:

  • beginning two years before the issue of the shares, and
  • ending five years after the issue of the shares,

except that, where value is received on or after 7 March 2001, the period is reduced to the period of restriction, see below.

For shares issued on or after 6 April 2000 and before 7 March 2001, the seven-year period is reduced to ‘the designated period’ which is that:

  • beginning two years before the issue of the shares, and
  • ending immediately before the termination date, see VCM23070, relating to those shares,

except that, where value is received on or after 7 March 2001, the period is reduced to the period of restriction, see below.

For shares issued on or after 7 March 2001, the period is ‘the period of restriction’ (‘Period C’ in ITA07) which is that:

  • beginning one year before the issue of the shares, and
  • ending immediately before the termination date, see VCM23070, relating to those shares.