Part 5Enterprise investment scheme
Chapter 1Introduction
EIS relief
158Form and amount of EIS relief
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 F1EIS 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, F6£1 million.
F22A
In this Part “the EIS rate” means F530%.
3
The tax reduction is given effect at Step 6 of the calculation in section 23.
4
F3... if in the case of any issue of shares—
a
which are issued F3... 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.
F45
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