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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: trustees

TCGA92/SCH5B/PARA17

For the purposes of deferral relief any reference to an individual investor includes a reference to the trustees of a settlement and the reference to any asset within TCGA92/SCH5B/PARA1 (1), see VCM23010, includes a reference to any asset comprised in any settled property to which TCGA92/SCH5B/PARA17 applies.

EIS Income Tax relief and CGT disposal relief, see VCM20000 onwards, are not available to trustees.

The interests of the beneficiaries do not have to be interests in possession. However, relief may not be available if the beneficiaries’ interests alter between the time of the relevant disposal and the time of the relevant share acquisition. Also, the amount of the chargeable gain eligible for deferral relief will be restricted unless the beneficiaries are all individuals. When considering beneficiaries, references to individuals include any charity, see CG67501.