6(1)In section 300 of the Taxes Act 1988 (value received from company) for subsection (2)(b) substitute—U.K.
“(b)repays, in pursuance of any arrangements for or in connection with the acquisition of the shares in respect of which the relief is claimed, any debt owed to the individual other than a debt which was incurred by the company—
(a)on or after the date of issue of those shares; and
(b)otherwise than in consideration of the extinguishment of a debt incurred before that date;”.
(2)Subject to sub-paragraph (3), the amendment made by this paragraph has effect in relation to shares issued on or after 17th March 2004.
(3)The amendment made by this paragraph does not have effect in relation to the repayment of a debt incurred before 17th March 2004 if—
(a)the shares were subscribed for before that date, and
(b)the debt was incurred on or after the date on which the shares were subscribed for.