In Averil Finn & Gregory Finn & Robin Morris & Andrew Cornish v Revenue & Customs [2014] TC03555, a group of Enterprise Investment scheme (EIS) investors lost their relief when their company was acquired by another company.

Relief will apply following an acquisition of an EIS qualifying company provided that the qualifying conditions of s.247 ITA 2007 are met.

The Tribunal ruled that 'Subscriber shares' were those subscribed on incorporation, not those issued subsequently. As a result, the issued shares of the acquiring company at the time of the acquisition were not subscriber shares as required by s.247(1)(a) ITA 2007. See, Enterprise Investment Scheme (EIS).

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Averil Finn & Gregory Finn & Robin Morris & Andrew Cornish v Revenue & Customs [2014]  TC03555

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