Section 257Q | Effect of the investor receiving value from the social enterprise

(1)If the investor receives any value from the social enterprise at any time in the longer applicable period, any SI relief given in respect of the investment must—

(a)if it is greater than the amount given by the formula set out in subsection (2), be reduced by that amount, and

(b)in any other case, be withdrawn.

(2)The formula is—

(3)Subsections (1) and (2) are subject to—

(a)section 257QA (value received: insignificant receipts),

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

(c)section 257QC (value received where part of investment treated as made in previous tax year),

(d)section 257QD (cases where maximum SI relief not obtained),

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

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

(4)Sections 257QB to 257QD are to be applied in the order in which they appear in this Part.

(5)Value received is to be ignored, for the purposes of this section, so far as SI relief attributable to the investment has already been withdrawn or reduced on its account.

(6)For the purposes of this section and sections 257QA to 257QI, an individual—

(a)who acquires any part of the investment, and

(b)who does so on such a transfer as is mentioned in section 257T (spouses or civil partners),

is treated as the investor.