Taxation of Chargeable Gains Act 1992 Schedule 5B paragraph 16

Information

Schedule 5B paragraph 16 sets out the notification and information requirements that apply to individuals, companies and connected persons when chargeable events occur in relation to EIS re-investment relief shares.

• Individuals must notify HMRC within 60 days of becoming aware of a chargeable event relating to their EIS re-investment shares, such as a disposal, becoming non-resident, receipt of value, or the granting of options over the shares
• The company that issued the shares, and any person connected with that company who has knowledge of the matter, must similarly notify HMRC within 60 days of certain chargeable events or of becoming aware of them
• HMRC has the power to require information from any relevant person if it believes required notices have not been given, or if value has been given or received (even where it was too small to trigger a chargeable event), or if a claim may not be well founded due to tax avoidance arrangements
• No statutory or other obligation of secrecy prevents HMRC from disclosing to a company that EIS re-investment relief has been given or claimed in respect of a particular number or proportion of its shares