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HMRC internal manual

Venture Capital Schemes Manual

From
HM Revenue & Customs
Updated
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Seed Enterprise Investment Scheme (SEIS): Re-investment Relief: assessments

TCGA92/SCH5BB/PARA7 (1)

Where re-investment relief is withdrawn it should be recovered by making an assessment following the guidance for the withdrawal of SEIS Income Tax relief, see VCM36140.

Where the shares in question were acquired from a spouse or civil partner, the assessment will be on the person they were transferred to, see VCM45120.

You should consider also whether adjustments are required for other years as a consequence of withdrawing the relief.

TCGA92/SCH5BB/PARA7 (2)

Where an assessment is made to withdraw re-investment relief or to give effect to a consequential adjustment, interest under section 86 TMA70 runs only from 31 January following the end of the year of assessment in which the assessment was made.