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HMRC internal manual

Venture Capital Schemes Manual

HM Revenue & Customs
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SEIS: income tax relief: withdrawal or reduction of relief: procedure: time limits for assessments


Where an assessment to withdraw relief is required because of an event occurring after the date of the claim to relief, it may be made within six years after the end of the year of assessment in which that event occurred.

A discovery by an Inspector under TMA70/S29(1) that any relief obtained was excessive (for example, because not all the conditions were satisfied at the time when it was allowed) should not be regarded as an ‘event’ giving rise to the time limit mentioned in the paragraph above. In these circumstances, the time limit in TMA70/S34(1) (that is, five years after the 31 January next following the year of assessment for which the further assessment is to be made) applies, except in a case of fraudulent or negligent conduct where the extended time limits in TMA70/S36 apply.