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Home / Simons-Taxes /Personal and employment tax /Part E3 Reliefs for investors /Division E3.6 Community investment tax relief /Withdrawal of relief / E3.642 Disposal of shares or securities during five-year period
Commentary

E3.642 Disposal of shares or securities during five-year period


Personal and employment tax

Any relief that has been given under the CITR scheme for any tax year (or, for company investors, accounting period) in relation to a qualifying investment of shares or securities is withdrawn or reduced if:

  1. Ìý

    (a)ÌýÌýÌýÌý the investor disposes of the whole or any part of those shares or securities within the five-year period;

  2. Ìý

    (b)ÌýÌýÌýÌý the CDFI has not ceased to be accredited before the disposal; and

  3. Ìý

    (c)ÌýÌýÌýÌý the disposal does not arise because of repayment, redemption or repurchase of securities or shares included in the investment1.

For the rules on identifying a disposal of shares or securities, see E3.654. As to what constitutes a disposal, see E3.655.

When the tests in (a)–(c) above are met, the relief is either withdrawn or reduced depending on whether the disposal is a qualifying disposal. A 'qualifying disposal'

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