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HMRC internal manual

Venture Capital Schemes Manual

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HM Revenue & Customs
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Seed Enterprise Investment Scheme (SEIS): SEIS disposal relief: investor’s income tax liability reduced to nil

TCGA92/S150E (4)(c)

The restriction provided by section 150E(5) does not apply if the only reason full SEIS Income Tax relief cannot be given is because the claim reduces the investor’s Income Tax liability to nil. For example, an investor subscribes £100,000 for 100,000 £1 ordinary shares in a SEIS company. The investor claims Income Tax relief under ITA07/S257AB but only £16,000 worth of relief can be given before their Income Tax liability is reduced to nil, ITA07/S29(2). The restriction in TCGA92/S150E (5) does not apply.