Introduction Details of the Section
2.Subsection 2 amends paragraphs 1(2) and 1(3)(a) of Schedule 5BB to include within relief chargeable gains accruing to the investor in the tax year 2013-14 (as well as those accruing in the tax year 2012-13) where the investor is eligible for SEIS relief for that year; and substitutes paragraph 1(5) to provide that the amount of SEIS expenditure that can be set against the gain is 100% if the relevant year in which the gains accrue is 2012-13 and 50% if the relevant year is 2013-14.
3.Subsection 3 amends paragraph 2 of Schedule 5BB to apply the restrictions on relief to gains accruing in the tax year 2013-14 in the same way as for gains accruing in the tax year 2012-13.
4.Subsection 4 amends paragraph 5 of Schedule 5BB to deem a chargeable gain to accrue in the year in which the shares were issued (rather than the tax year 2012-13) when the amount of SEIS relief that applies to the shares is withdrawn or reduced.
5.Subsection 5 makes consequential amendment to section 150G of TCGA 1992, which introduces Schedule 5BB.