[257QH Receipt of replacement value]
Income Tax Act 2007 (2007 c 3) | Legislation

[257QH  Receipt of replacement value]

[(1)     If—

(a)     any SI relief attributable to the investment would, in the absence of this section, be reduced or withdrawn under section 257Q because of a receipt of value within section 257QE(2) or (6) (“the original value”),

(b)     the original supplier receives value (“the replacement value”) from the original recipient and the receipt is a qualifying receipt, and

(c)     the amount of the replacement value is at least the amount of the original value,

section 257Q does not, because of the receipt of the original value, have effect to withdraw or reduce the SI relief.

This is subject to section 257QI(1) and (2).

(2)     For the purposes of this section—

“the original recipient” means the person who receives the original value, and

“the original supplier” means the person from whom that value was received.

(3)     If the amount of the original value is, by virtue of section 257QB, treated as reduced for the purposes of section 257Q(2) as it applies in relation to the investment, the reference in subsection (1)(c) to the amount of the original value

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