Section 257R | Disposal of whole or part of the investment ^F1

(1)This section applies if—^F1

(a)the investor disposes of the whole or part of the investment,^F1

(b)the disposal takes place before the shorter applicable period ends,^F1

(c)SI relief is attributable to the shares, or qualifying debt investments, disposed of,^F1

(d)the disposal is not to an individual who—^F1

(i)is the spouse, or civil partner, of the investor, and^F1

(ii)is living together with the investor at the time of the disposal, and^F1

(e)the disposal does not occur as a result of the investor's death.^F1

(2)If the disposal is not made by way of a bargain at arm's length, the SI relief attributable to those shares, or qualifying debt investments, must be withdrawn.^F1

(3)If the disposal is made by way of a bargain at arm's length, the SI relief attributable to those shares or qualifying debt investments must—^F1

(a)if it is greater than the amount given by the formula set out in subsection (4), be reduced by that amount, and^F1

(b)in any other case, be withdrawn.^F1

(4)The formula is—^F1