222 Receipt of replacement value
Income Tax Act 2007 (2007 c 3) | Legislation

222  Receipt of replacement value

(1)     If—

(a)     any EIS relief attributable to the relevant shares would, in the absence of this section, be reduced or withdrawn under section 213 because of a receipt of value within section 216(2) or (6) (“the original value”),

(b)     the original supplier receives value (“the replacement value”) from the original recipient and the receipt is a qualifying receipt, and

(c)     the amount of the replacement value is at least the amount of the original value,

section 213 does not, because of the receipt of the original value, have effect to reduce or withdraw the EIS relief.

This is subject to section 223(1) and (2).

(2)     For the purposes of this section—

“the original recipient” means the person who receives the original value,

“the original supplier” means the person from whom that value was received.

(3)     If the amount of the original value is, by virtue of section 218, treated as reduced for the purposes of section 213(2) as it applies in relation to the relevant shares in question, the reference in subsection (1)(c) to the amount of the original value

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