VCM74080 - Share Loss Relief: individual and corporate claimants: individual claimants: types of qualifying share
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Shares to which EIS relief is attributable
This is one sub-set of qualifying shares. For the purposes of Share Loss Relief, EIS relief is relief given under either of two heads. It is either income tax relief under Part 5 of ITA 2007 or (in relation to shares issued after 31 December 1993 and before 6 April 2007) it is relief under ICTA88/CH3/PT7. It is not the same as relief under the Business Expansion Scheme, which was available in respect of shares issued before 1 January 1994. For guidance on income tax relief under the Enterprise Investment Scheme, see VCM10500+.
VCM70130 - Share Loss Relief: background: statutory history
You should check the other guidance available on GOV.UK from HMRC as Brexit updates to those pages are being prioritised before manuals.
Outline
For individuals, Share Loss Relief was introduced by FA1980/S37 and has effect in relation to disposals of shares after 5 April 1980, irrespective of when the shares were acquired.
For companies, Share Loss Relief was introduced by FA1981/S36 and has effect for disposals of shares on or after 1 April 1981, irrespective of when the shares were acquired.
In 1988, the relevant parts of the 1980 and 1981 Finance Acts were consolidated as ICTA88/S573 to 576. S573 to S576 were later revised, principally by the 1994, 1998, 2000, 2001 and 2004 Finance Acts, prior to being rewritten in ITA 2007 and CTA 2010.
‘Group’ means a company which has one or more 51% subsidiaries, together with that or those subsidiaries.
This definition does not apply for the purposes of the trading or gross assets requirements of a qualifying trading company (ITA07/S137 and S142, and CTA10/S79 and S84, see VCM74610 and VCM75100): for those purposes ‘group’ means a parent company and its qualifying subsidiaries.
Holding company
‘Holding company’ means a company whose business consists wholly or mainly in the holding of shares or securities of companies which are its 51% subsidiaries.
Investment company
‘Investment company’ means a company whose business consists wholly or mainly in the making of investments and which derives the principal part of its income from the making of investments.
VCM75120 - Share loss relief: individual and corporate claimants: individual claimants: type of company invested in: qualifying trading company: condition D: relationship of issuing company to UK
You should check the other guidance available on GOV.UK from HMRC as Brexit updates to those pages are being prioritised before manuals.
Condition D was one of the four conditions (A-D) that needed to be met by a company in order for it to be a qualifying trading company, and hence for its shares to be qualifying shares for Share Loss Relief purposes (assuming Enterprise Investment Scheme relief is not attributable to them). Condition D was repealed for disposals of shares made on or after 24 January 2019.
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