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HMRC internal manual

Venture Capital Schemes Manual

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SEIS: income tax relief: withdrawal or reduction of SEIS relief: procedure: date from which interest is chargeable

ITA07/S257GD

Where SEIS relief falls to be withdrawn by reason of an event occurring after the date of the claim, there are special rules for determining the relevant date from which interest starts to run. This date will always precede the date when the SA return is amended or the assessment withdrawing relief is made.

Normally the relevant date from which interest starts to run will be 31 January next following the tax year in respect of which the assessment is made.

Where the relief is withdrawn following a discovery by the officer under TMA70/S29 (1) that it was excessive, the normal rules in TMA70/S86 for determining the relevant date apply.