Schedule 5BB to TCGA 1992 (seed enterprise investment scheme: re-investment) is amended as follows.
In paragraph 1 (SEIS re-investment relief)—
in sub-paragraph (2)—
in paragraph (a), after "the tax year 2012-13" insert , and" or the tax year 2013-14 (the year in question being referred to in this Schedule as "the relevant year") "
in paragraph (b), for "that year" substitute ," the relevant year "
in sub-paragraph (3)(a), for "tax year 2012-13" substitute , and" relevant year "
for sub-paragraph (5) substitute—5The relevant percentage of the available SEIS expenditure is to be set against a corresponding amount of the original gain.5AIn sub-paragraph (5)—"the available SEIS expenditure" means so much of the SEIS expenditure as—is specified in the claim,is unused, anddoes not exceed so much of the original gain as is unmatched;"the relevant percentage" means—if the relevant year is the tax year 2012-13, 100%, andif the relevant year is the tax year 2013-14, 50%.
In paragraph 2 (restrictions on relief under paragraph 1)—
in sub-paragraph (1), for "tax year 2012-13" substitute , and" relevant year "
in sub-paragraph (2)—
for "tax year 2012-13" substitute , and" relevant year "
for "that tax year" substitute ." that year "
In paragraph 5 (removal or reduction of relief) in sub-paragraph (2) for "2012-13" substitute ." in which the shares were issued "
Accordingly, in section 150G of TCGA (which introduces Schedule 5BB), for "tax year 2012-13" substitute ." tax years 2012-13 and 2013-14 "