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Version Superseded: 03/05/1994
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(1)M1Where by virtue of section 300 any relief is withheld or withdrawn in the case of an individual to whom ordinary shares in a company have been issued at different times before 19th March 1986 the relief shall be withheld or withdrawn in respect of shares issued earlier rather than in respect of shares issued later.
(2)M2Where relief to which an individual is entitled in respect of eligible shares issued after 18th March 1986 is reduced by virtue of section 300, effect shall be given to the reduction by apportioning it, as between any such eligible shares held by him, in such a way as appears to the inspector, or on an appeal to the Commissioners concerned, to be just and reasonable.
(3)M3For the purposes of section 300(2)(d) a company shall be treated as having released or waived a liability if the liability is not discharged within 12 months of the time when it ought to have been discharged.
(4)For the purposes of section 300(2)(e) there shall be treated as if it were a loan made by the company to the individual—
(a)the amount of any debt (other than an ordinary trade debt) incurred by the individual to the company; and
(b)the amount of any debt due from the individual to a third person which has been assigned to the company.
(5)In this section and section 300, “an ordinary trade debt” means any debt for goods or services supplied in the ordinary course of a trade or business where the credit given does not exceed six months and is not longer than that normally given to the customers of the person carrying on the trade or business.
(6)In this section and section 300—
(a)any reference to a payment or transfer to an individual includes a reference to a payment or transfer made to him indirectly or to his order or for his benefit; and
(b)any reference to an individual includes a reference to an associate of his and any reference to the company includes a reference to any person connected with the company.
(7)M4Section 300 shall apply in relation to shares issued before 19th March 1986 with the omission—
(a)in subsection (2)(e) of the words “which has not been repaid in full before the issue of the shares in respect of which relief is claimed”; and
(b)in subsection (4)(c) of the words “reduced by the amount of any repayment made before the issue of the shares in respect of which relief is claimed”.
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