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HMRC internal manual

Venture Capital Schemes Manual

HM Revenue & Customs
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EIS: taper relief for serial investments: introduction: Taper relief does not apply to gains accruing or treated as accruing after 5 April 2008

TCGA92/S150D and TCGA92/SCH5BA

FA99/S72 and FA99/SCH7 introduced new rules which, in specific circumstances, allow an extension of the qualifying holding period for taper relief purposes. This extension benefits serial EIS investors by allowing a greater amount of taper relief against a deferred gain which is revived (otherwise known as a gain brought back into charge) on the final disposal. The extension can apply only where the shares in the first EIS company were issued after 5 April 1998 and disposed of after 5 April 1999.

Further detail on the meaning of qualifying holding period is at CG17900 onwards.