SEIS relief is intended for new ventures and therefore the acquisition of a pre-existing trade will not attract SEIS relief. The legislation intends to ensure that relief is not available to anyone who directly or indirectly owned the trade before it came to be owned by the issuing company1.
SEIS relief is withdrawn where, during period A (see E3.801), the company or a qualifying subsidiary (see E3.825) begins to carry on as its trade (or as part of its trade), a trade which was previously carried on during that period
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