Taxes Consolidation Act 1997 section 508T

Withdrawing relief – general

Section 508T sets out additional rules governing the withdrawal of EIIS relief by assessment.

• An assessment withdrawing EIIS relief may be made within 4 years after the end of the year of assessment in which the triggering event occurs, and the additional tax arising is due and payable as set out in the Chapter.
• No assessment for withdrawing relief may be made by reason of any event occurring after the investor's death.
• Where an investor has disposed of all shares issued by a company (in a disposal to which section 508M(1)(b) applies), no further assessment may be made for any subsequent event unless the investor is connected with the company at that time within the meaning of section 500.
• These rules are subject to the general provision in section 959AD and operate without prejudice to it, meaning that extended time limits may apply in cases of fraud or neglect.