Part 3 Consequential Amendments
Finance Act 2012 (2012 c 14) | Legislation

Part 3 Consequential Amendments

ITA 2007

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ITA 2007 is amended as follows.

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In section 2 (overview of Act), after subsection (5) insert—

“(5A)     Part 5A is about relief under the seed enterprise investment scheme.â€

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In section 26 (tax reductions), in subsection (1)(a), after the entry for Chapter 1 of Part 5, insert—

“Chapter 1 of Part 5A (SEIS relief),â€.

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In section 27 (order of deducting tax reductions: individual), in subsection (5), after the entry for “Chapter 1 of Part 5 (EIS relief)†insert—

“Chapter 1 of Part 5A (SEIS relief),â€.

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In section 169 (directors qualifying for relief despite connection), in subsection (4), for the words after “before†substitute

“â¶Ä”

(a)     the termination date relating to the latest issue of shares which met that condition, or

(b)     if that issue is an issue in respect of which the investor is eligible for SEIS relief (within the meaning of Part 5A), before the date specified in section 257AC(4) in relation to the shares.â€

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