S247(1)(f) Income Tax Act 2007

Exchange of shares in EIS company

S247(1)(f) Income Tax Act 2007 has replaced Section 304A(1)(f) Income and Corporation Taxes Act 1988 in relation to shares issued after 5 April 2007.

The only matters considered by the Clearance & Counteraction team under the relevant provisions are whether the share exchanges will be:

• effected for genuine commercial reasons and
• will not form part of any such scheme or arrangements as are mentioned in S137(1) TCGA 1992.

You will find help on Share Exchanges involving EIS or BES shares in:

• Capital Gains Manual 56940
• Venture Capital Schemes Manual 32300.

• The law is at S247 Income Tax Act 2007