Income Tax Act 2007 section 257HH

Meaning of "disposal of shares"

Section 257HH defines what counts as a "disposal of shares" for the purposes of the Seed Enterprise Investment Scheme (SEIS) provisions.

  • A disposal of shares includes any disposal of an interest or right in or over shares, not just the shares themselves
  • Where an individual is treated under a scheme of reconstruction as exchanging shares for new ones, this counts as a disposal of the original shares
  • The deemed exchange rule applies by virtue of section 136 of the Taxation of Chargeable Gains Act 1992
  • These definitions apply throughout the entire SEIS part of the Income Tax Act 2007

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