Income Tax Act 2007 section 257FO

Section 257FN: supplementary

Section 257FO sets out additional rules and restrictions governing when replacement value can be used to prevent the withdrawal or reduction of SEIS relief, and limits the circumstances in which the replacement value mechanism can apply.

• Replacement value that has already been matched against a previous receipt of value cannot be used again to protect SEIS relief from withdrawal or reduction
• The replacement value is disregarded if it is received too early (before period A), too late after the original value was received, or more than 60 days after a related appeal has been finally determined
• If the replacement value takes the form of a subscription for shares by the investor or an associate, neither the investor nor the associate can claim SEIS relief on those shares or any other shares in the same issue
• The replacement value does not have to be received after the original value — it can be provided in advance