158Form and amount of EIS reliefU.K.
(1)If an individual—
(a)is eligible for EIS relief in respect of any amount subscribed for shares, and
(b)makes a claim in respect of all or some of the shares included in the issue,
the individual is entitled to a tax reduction for the tax year in which the shares were issued (“the current year”).
This is subject to the provisions of this Part.
(2)The amount of the tax reduction to which the individual is entitled is the amount equal to tax at the savings rate for the current year on—
(a)the amount or, as the case may be, the sum of the amounts subscribed for shares issued in that year in respect of which the individual is eligible for and claims EIS relief, or
(b)if less, £400,000.
(3)The tax reduction is given effect at Step 6 of the calculation in section 23.
(4)Subject to subsection (5), if in the case of any issue of shares—
(a)which are issued before 6 October in the current year, and
(b)in respect of the amount subscribed for which the individual is eligible for EIS relief,
the individual so claims, subsections (1) and (2) apply as if, in respect of such part of that issue as may be specified in the claim, the shares had been issued in the preceding tax year; and the individual's liability to tax for both tax years is determined accordingly.
(5)But—
(a)no more than half the shares included in an issue may be treated under subsection (4) as issued in the preceding tax year, and
(b)the total amount subscribed for any shares (included in any issues) treated under subsection (4) as issued in that year is not to exceed £50,000.