Part 2 Relief for Capital Gains
Finance Act 2012 (2012 c 14) | Legislation

Part 2 Relief for Capital Gains

Introductory

2

TCGA 1992 is amended as follows.

Disposal of shares to which SEIS relief is attributable

3

Before section 151 insert—

“150E Seed enterprise investment scheme

(1)     For the purpose of determining the gain or loss on any disposal of shares by an individual where—

(a)     an amount of SEIS relief is attributable to the shares, and

(b)     apart from this subsection there would be a loss,

the consideration given by the individual for the shares is to be treated as reduced by the amount of the relief.

(2)     Where—

(a)     shares are disposed of by an individual after the end of the period referred to in section 257AC(2) of ITA 2007,

(b)     an amount of SEIS relief is attributable to the shares, and

(c)     (apart from this subsection) there would be a gain,

the gain is not a chargeable gain.

(3)     Despite section 16(2), subsection (2) does not apply to a disposal on which a loss accrues.

(4)     Subsection (5) applies where—

(a)     an individual's liability to income tax has been reduced (or treated by virtue of section 257H of ITA 2007 (spouses and civil partners)

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