224 Repayments etc of share capital to other persons
Income Tax Act 2007 (2007 c 3) | Legislation

Repayments etc of share capital to other persons

224  Repayments etc of share capital to other persons

(1)     This section applies if any EIS relief is attributable to shares held by an individual and, at any time in period C, the issuing company or any subsidiary—

(a)     repays, redeems or repurchases any of its share capital which belongs to any member other than—

(i)     the individual, or

(ii)     a person who falls within subsection (4), or

(b)     makes any payment to any such member for giving up the member's right to any of the share capital of the company or subsidiary on its cancellation or extinguishment.

(2)     The EIS relief must—

(a)     if it is greater than the amount given by the formula set out below, be reduced by that amount, and

(b)     in any other case, be withdrawn.

The

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