216 When value is received
Income Tax Act 2007 (2007 c 3) | Legislation

216  When value is received

(1)     This section applies for the purposes of sections 213 (value received by the investor) and 218 (value received where there is more than one issue of shares).

(2)     The investor receives value from the issuing company at any time when the issuing company—

(a)     repays, redeems or repurchases any of its share capital or securities which belong to the investor or makes any payment to the investor for giving up the investor's right to any of the issuing company's share capital or any security on its cancellation or extinguishment,

(b)     repays, in pursuance of any arrangements for or in connection with the acquisition of the shares in respect of which EIS relief is claimed, any debt owed to the investor other than a debt which was incurred by the company—

(i)     on or after the date of issue of those shares, and

(ii)     otherwise than in consideration of the extinguishment of a debt incurred before that date,

(c)     makes to the investor any payment for giving up on its extinguishment the investor's

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