[257QE When value is received]
Income Tax Act 2007 (2007 c 3) | Legislation

[257QE  When value is received]

[(1)     This section applies for the purposes of sections 257Q and 257QB.

(2)     The investor receives value from the social enterprise at any time when the social enterprise—

(a)     repays, redeems or repurchases any investments in the social enterprise which belong to the investor, or makes any payment to the investor for giving up the investor's right to investments in the social enterprise on their cancellation or extinguishment,

(b)     repays, in pursuance of any arrangements for or in connection with the making of the investment, any debt owed to the investor other than a debt which was incurred by the social enterprise—

(i)     on or after the investment date, and

(ii)     otherwise than in consideration of the extinguishment of a debt incurred before that date,

(c)     makes to the investor any payment for giving up on its extinguishment the investor's right to any debt, other than—

(i)     a debt in respect of a repayment of the kind mentioned in section 257LF(5)(a) or (f), or

(ii)     an ordinary trade debt,

(d)

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