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HMRC internal manual

Venture Capital Schemes Manual

From
HM Revenue & Customs
Updated
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CVS: investors and reliefs: withdrawal of investment relief: procedure

FA00/SCH15/PARA60 (1)

Where any investment relief which has been obtained is found not to have been due, or falls to be withdrawn by reason of some later event, an assessment should be made, under Case VI of Schedule D, for the accounting period for which the relief was obtained. The assessment should be in such an amount as will recover the excess relief.

This assessment cannot be made in COTAX, it has to be made manually, using a CT10Z set. The particulars to enter on the assessment are, ‘Paragraph 60, Schedule 15, FA 2000 assessment to recover excessive investment relief’. The tax should be shown as payable NOW.