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HMRC internal manual

Venture Capital Schemes Manual

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

A deferred gain which is revived on a disposal may be deferred again under the EIS any number of times provided successive qualifying investments are made. In these circumstances, when the deferred gain is revived on account of the disposal of the shares in the last company in the series, the qualifying holding period applicable to the gain for taper relief purposes begins when the shares in the first company were issued and ends when the shares in the last company were disposed of. (Any time at which no shares were held does not count for taper relief purposes.)