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Version status: In force | Document consolidation status: Updated to reflect all known changes
Version date: 1 January 2019 - onwards
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508W. Assessments for withdrawing relief under Chapter 5

(1) This section applies where any relief claimed under Chapter 5 -

(a) is subsequently found not to have been due because -

(i) the company was not a qualifying company,

(ii) the investment was not a relevant investment, or

(iii) the individual was not a specified person,

or

(b) is no longer due because -

(i) the relief is to be withdrawn by virtue of section 495,

(ii) the investment ceases to be a qualifying investment by virtue of section 499,

(iii) the amount of relief is subject to a reduction under Chapter 10,

(iv) the relief is withdrawn because of section 508L,

(v) a specified individual failed or ceased to hold a relevant employment, or

(vi) an individual ceased to be a specified individual.

(2) Where any relief is to be withdrawn under this section that relief shall be withdrawn by the making of an assessment on the investor to income tax under Case IV of Schedule D for the year of assessment for which the relief was given.

(3) In its application to an assessment made by

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