Section 257QI | Section 257QH: supplementary ^F1

(1)The receipt of the replacement value by the original supplier is ignored for the purposes of section 257QH(1) to the extent to which it has previously been set under section 257QH against a receipt of value to prevent any reduction or withdrawal of SI relief under section 257Q.^F1

(2)The receipt of the replacement value by the original supplier (“the event”) is ignored for the purposes of section 257QH if—^F1

(a)the event occurs before the longer applicable period,^F1

(b)where the event occurs after the time the original recipient receives the original value, it does not occur as soon after that time as is reasonably practicable in the circumstances, or^F1

(c)where an appeal has been brought by the investor against an assessment to withdraw or reduce any SI relief attributable to the investment because of the receipt of the original value, the event occurs more than 60 days after the day on which the amount of the relief which falls to be withdrawn has been finally determined.^F1

But nothing in section 257QH or this section requires the replacement value to be received after the original value.

(3)This subsection applies if—^F1

(a)the receipt of the replacement value by the original supplier is a qualifying receipt for the purposes of section 257QH(1), and^F1

(b)in consequence of the receipt, any receipts of value are ignored for the purposes of section 257Q as that section applies in relation to the investment or any other investments made by the investor, and^F1

(c)the event which gives rise to the receipt is (or includes) the making of an investment by—^F1

(i)the investor, or^F1

(ii)any person who at any time in the longer applicable period is an associate of the investor (whether or not the person is such an associate at the material time).^F1

(4)If subsection (3) applies, the person who makes the investment concerned is not to be eligible for SI relief in relation to the investment concerned or any other investments in the same issue.^F1

(5)In this section “the original recipient”, “the original supplier” and “replacement value” have the same meaning as in section 257QH.^F1