Introduction Details of the Schedule Part 2 of the Schedule
90.Part 2 provides for relief for capital gains.
91.Paragraph 2 provides for the Taxation of Chargeable Gains Act 1992 (TCGA) to be amended.
92.Paragraph 3 inserts new sections 150E and 150F into the TCGA.
93.New section 150E mirrors existing section 150A TCGA that applies to EIS shares. Section 150E reduces the consideration taken into account for capital gains tax on a disposal of shares by the amount of the SEIS relief attributable to those shares. It reduces or eliminates any chargeable gain on a disposal of shares to which SEIS relief is attributable and provides rules that permit those shares to be identified.
94.New section 150F mirrors existing section 150B TCGA that applies to EIS shares. It modifies the effect of new section 150E to limit the reduction in any chargeable gain on the disposal of shares to which SEIS relief is attributable to the extent that value is received and the SEIS relief reduced in consequence.
95.Paragraph 4 of the Schedule inserts a new section 150G into the TCGA. Section 150G introduces Schedule 5BB to the TCGA, which provides the SEIS re-investment relief.
96.Paragraph 5 inserts new Schedule 5BB into the TCGA – see paragraphs 97 to 108 below.