[264A Restricting relief where there is a linked sale]
Income Tax Act 2007 (2007 c 3) | Legislation

[264A  Restricting relief where there is a linked sale]

[(1)     This section applies where—

(a)     an individual subscribes for shares (“the relevant shares”) in a VCT (“the VCT”), and

(b)     there is at least one linked sale of other shares by the individual.

(2)     For the purposes of this Part, the amount the individual subscribes for the shares is to be treated as reduced (but not below nil) by the total consideration given for the linked sales of other shares.

This is subject to subsection (3).

(3)     If a sale is linked in relation to more than one subscription for shares—

(a)     the consideration for it is to be applied to reduce subscriptions under subsection (2) in the order in which the subscriptions are made, and

(b)     accordingly, to the extent that any consideration has been used to reduce an earlier subscription, it is not available to reduce

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