Commentary

D8.357 Method of withdrawing relief

Corporate tax
Corporate tax | Commentary

D8.357 Method of withdrawing relief

Corporate tax | Commentary

D8.357 Method of withdrawing relief

Investment relief that has been obtained but was either not due, or is withdrawn or reduced in accordance with the rules described in D8.351–D8.356 is clawed back by an assessment to corporation tax in respect of the accounting period in which the relief was obtained1.

The withdrawal or reduction of relief is conditional on notices being issued where the reason for the withdrawal is because:

  1.  

    (a)     the issuing company is not a qualifying issuing company in relation to the shares in question;

  2.  

    (b)     the general requirements as to the investment itself (in FA 2000, Sch 15, Part IV (paras 34–38)) are not satisfied; or

  3.  

    (c)     value is received by the investing company (see D8.352) or other persons (see D8.355).

In these circumstances, either the issuing company or HMRC must give a notice. In the case of the issuing company, the notice must comply with

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