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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: rights issues

TCGA92/S150E (8)

The share reorganisation rules on rights issues, see CG51700 onwards, are disapplied if the original shares attracted SEIS Income Tax relief or if the new shares attract the relief and the original shares did not. The taxpayer is treated as having acquired the new shares at the date of the rights issue and for the amount paid for the new shares. Any shares acquired on a rights issue may qualify for SEIS Income Tax relief and reinvestment relief.