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HMRC internal manual

Venture Capital Schemes Manual

EIS: taper relief for serial investments: qualifying gains: Taper relief does not apply to gains accruing or treated as accruing after 5 April 2008


Taper relief can apply on a cumulative basis if the whole or part of a chargeable gain is deferred under the EIS and the gain has accrued on the disposal of shares to which EIS deferral relief or Income Tax relief (or both) was attributable at the date of disposal. It is only the chargeable gain which accrues on account of the increase in value of the shares over the period they were held which can qualify for cumulative taper relief. The chargeable gain must then be deferred under TCGA92/SCH5B because qualifying expenditure on shares in a second EIS company is set against it, see example at VCM25080.