Income Tax Act 2007 section 248

Carry over of obligations etc. where EIS relief attributed to new shares

Section 248 ensures that when EIS relief is transferred from old shares to new shares following a company acquisition under section 247, all the rights, obligations and ongoing actions of the old company pass to the new company.

• When EIS relief is re-attributed from old shares to new shares under section 247, all associated obligations transfer from the old company to the new company.
• Claims for EIS relief entitlement, notices where relief is found not to have been due, and information-reporting requirements are all treated as if they had always related to the new company.
• Anything already done by or required of the old company in connection with these provisions is treated as having been done by, or as being required of, the new company.
• Any appeal the old company has brought against a notice that relief was not due may be continued by the new company as though it had brought the appeal itself.