Income Tax Act 2007 section 257GG

Power to require information where section 257GE or 257GF applies or could have applied

Section 257GG gives HMRC the power to demand information from individuals who may have failed to report relevant events under the Seed Enterprise Investment Scheme (SEIS), or who have given or received value that fell just below the reporting threshold.

• Where HMRC believes a person has failed to give a required notice about an event that could affect SEIS relief, or has given or received value that only escaped the reporting requirement because the amount was insignificant, an officer may formally require that person to provide relevant information.
• The information request must be made by written notice specifying what information is needed, and the person must be given at least 60 days to respond.
• The officer may only request information that is reasonably required for the purposes of administering the SEIS provisions in this Part of the Act.
• Whether an amount counts as "insignificant value" is determined by the definition in section 257FG(2), which sets the threshold below which value received does not trigger the normal reporting obligations.