Section 257FE | Value received by the investor

(1)This section applies if the investor receives any value from the issuing company at any time in period A relating to the relevant shares.

(2)Any SEIS relief attributable to the shares 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(b)in any other case, be withdrawn.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 formula is—

(3)This section is subject to the following sections—

(a)section 257FF (value received: receipts of insignificant value),

(b)section 257FJ (value received where there is more than one issue of shares),

(c)section 257FK (value received where part of share issue treated as made in previous tax year),

(d)section 257FL (cases where maximum SEIS relief not obtained),

(e)section 257FM (receipts of value by and from connected persons etc), and

(f)section 257FN (receipt of replacement value).

Sections 257FJ to 257FL are to be applied in the order in which they appear in this Part.

(4)Value received is to be ignored, for the purposes of this section, to the extent to which SEIS relief attributable to the shares has already been withdrawn or reduced on its account.

(5)For the purposes of this section and sections 257FF to 257FO, an individual who acquires any relevant shares on such a transfer as is mentioned in section 257H (spouses or civil partners) is treated as the investor.