Section 257FF | Value received: receipts of insignificant value ^F1

(1)Section 257FE(2) does not apply if the receipt of value is a receipt of insignificant value.This is subject to subsection (2).^F1

(2)If—^F1

(a)value is received (“the relevant receipt”) by the investor from the issuing company at any time in period A relating to the relevant shares,^F1

(b)the investor has received from the issuing company one or more receipts of insignificant value at a time or times—^F1

(i)during that period, but^F1

(ii)not later than the time of the relevant receipt, and^F1

(c)the total value of the receipts within paragraphs (a) and (b) is not an amount of insignificant value,^F1

the investor is treated for the purposes of this Chapter as if the relevant receipt had been a receipt of an amount of value equal to that total amount.

(3)A receipt does not fall within subsection (2)(b) if it has previously formed part of a total amount falling within subsection (2)(c).^F1