[F12(1)On the making of a claim by the investor for the purposes of this Schedule, so much of the investor’s unused qualifying expenditure on relevant shares as—U.K.
(a)is specified in the claim, and
(b)does not exceed so much of the original gain as is unmatched,
shall be set against a corresponding amount of the original gain.
(2)Where an amount of qualifying expenditure on any relevant shares is set under this Schedule against the whole or part of the original gain—
(a)so much of that gain as is equal to that amount shall be treated as not having accrued at the accrual time; but
(b)paragraphs 4 and 5 below shall apply for determining the gain that is to be treated as accruing on the occurrence of any chargeable event in relation to any of those relevant shares.
(3)For the purposes of this Schedule—
(a)the investor’s qualifying expenditure on any relevant shares is so much of the amount subscribed by him for the shares as represents the amount in respect of which there is given the relief under section 289A of the Taxes Act which is attributable to those shares; and
(b)that expenditure is unused to the extent that it has not already been set under this Schedule against the whole or any part of a chargeable gain.
(4)For the purposes of this paragraph the original gain is unmatched, in relation to any qualifying expenditure on relevant shares, to the extent that it has not had any other expenditure set against it under this Schedule or Schedule 5C.]
Textual Amendments
F1Sch. 5B inserted (with effect in accordance with Sch. 13 para. 4(4) of the amending Act) by Finance Act 1995 (c. 4), Sch. 13 para. 4(3)