Section 257Fn | [257FN Receipt Of Replacement Value] | Income Tax Act 2007 C3

[257FN Receipt of replacement value]

Income Tax Act 2007 (2007 c 3) | Legislation

[257FN Receipt of replacement value]

[(1) If—

(a) any SEIS relief attributable to the relevant shares would, in the absence of this section, be reduced or withdrawn under section 257FE because of a receipt of value within section 257FH(2), (7) or (8) (“the original value”),

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

section 257FE does not, because of the receipt of value, have effect to reduce or withdraw the SEIS relief.

This is subject to section 257FO(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 257FJ, treated as reduced for the purposes of section 257FE(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