[SCHEDULE 7ZB Investors' Relief: Disqualification of Shares]
Taxation of Chargeable Gains Act 1992 (1992 c 12) | Legislation

[SCHEDULE 7ZB Investors' Relief: Disqualification of Shares]

[Section 169VB]

[Disqualification of shares where value received in period of restriction

1

(1)     Sub-paragraph (2) applies where—

(a)     shares in a company are issued to a qualifying person (“the investorâ€) on a particular date,

(b)     any of those shares would, apart from this Schedule, be or be treated as being qualifying shares or potentially qualifying shares at a particular time (“the relevant timeâ€), and

(c)     the investor receives any value, other than insignificant value, from the company at any time in the period of restriction.

(2)     The shares in question are to be treated for the purposes of this Chapter as being excluded shares at the relevant time.

(3)     Where—

(a)     the investor receives value (“the relevant receiptâ€) from the company during the period of restriction,

(b)     the investor has received from the company one or more receipts of insignificant value at a time or times—

(i)     during that period, but

(ii)     not later than the time of the relevant receipt, and

(c)     the aggregate amount of the value of the receipts within paragraphs (a) and (b) is not an amount of insignificant value,

the investor

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