Section 257Q | Effect of the investor receiving value from the social enterprise ^F1

(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—^F1

(a)if it is greater than the amount given by the formula set out in subsection (2), be reduced by that amount, and^F1

(b)in any other case, be withdrawn.^F1

(2)The formula is—^F1

(3)Subsections (1) and (2) are subject to—^F1

(a)section 257QA (value received: insignificant receipts),^F1

(b)section 257QB (value received where there is more than one issue of investments),^F1

(c)section 257QC (value received where part of investment treated as made in previous tax year),^F1

(d)section 257QD (cases where maximum SI relief not obtained),^F1

(e)section 257QG (receipts of value by and from connected persons etc), and^F1

(f)section 257QH (receipt of replacement value).^F1

(4)Sections 257QB to 257QD are to be applied in the order in which they appear in this Part.^F1

(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is to be ignored, for the purposes of this section, so far as SI relief attributable to the investment has already been withdrawn or reduced on its account.^F1

(6)For the purposes of this section and sections 257QA to 257QI, an individual—^F1

(a)who acquires any part of the investment, and^F1

(b)who does so on such a transfer as is mentioned in section 257T (spouses or civil partners),^F1

is treated as the investor.