Section 257GF | Information to be provided by the issuing company etc ^F1

(1)This section applies if the issuing company has provided an officer of Revenue and Customs with a compliance statement in respect of an issue of shares and an event occurs as a result of which—^F1

(a)the requirement of section 257CC (spending of the money raised) is not met in respect of any of the shares included in the issue, or would not be met if SEIS relief had been obtained in respect of the shares in question,^F1

(b)any provision of Chapter 4 has effect to prevent the issuing company being a qualifying company in relation to any of the shares included in the issue, or would have such an effect if SEIS relief had been obtained in respect of the shares in question, or^F1

(c)any of the provisions of Chapter 6 mentioned in subsection (2) has effect to cause any SEIS relief attributable to any of the shares included in the issue to be withdrawn or reduced, or—^F1

(i)would have such an effect if SEIS relief had been obtained in respect of the shares in question, or^F1

(ii)in the case of section 257FE, would have such an effect but for section 257FN (receipt of replacement value).^F1

(2)The provision are—^F1

(a)section 257FE (value received by the investor),^F1

(b)section 257FP (acquisition of a trade or trading asset), and^F1

(c)section 257FQ (acquisition of share capital).^F1

(3)If this section applies—^F1

(a)the issuing company, and^F1

(b)any person connected with the issuing company who has knowledge of the matters mentioned in subsection (1),^F1

must give a notice to an officer of Revenue and Customs containing particulars of the event.

(4)Any notice required to be given by the issuing company under subsection (3)(a) must be given—^F1

(a)within 60 days of the event, or^F1

(b)if the event is a receipt of value within section 257FH(2) from a person connected with the company (see section 257FM), within 60 days of the company coming to know of the event.^F1

(5)Any notice required to be given by a person under subsection (3)(b) must be given within 60 days of the person coming to know of the event.^F1

(6)If a person—^F1

(a)is required under this section to give notice of a receipt of value which is within section 257FE, or would be within that section but for section 257FN, and^F1

(b)has knowledge of any replacement value received (or expected to be received) because of a qualifying receipt,^F1

the notice must include particulars of that receipt of replacement value (or expected receipt).

(7)In subsection (6) “qualifying receipt” and “replacement value” are to be read in accordance with section 257FN.^F1