Income Tax Act 2007 (c. 3)

Part 5 U.K. Enterprise investment scheme

Chapter 6 U.K. Withdrawal or reduction of EIS relief

Repayments etc of share capital to other persons U.K.

227 Single issue affecting more than one individual U.K.

(1) This section applies if, in relation to the same repayment, section 224(2) applies to EIS relief attributable to shares held by two or more individuals.

(2) Section 224(2) has effect in relation to each individual as if the amount referred to as “R” were reduced by multiplying it by the fraction—

where—

A is the amount on which the individual obtains EIS relief in respect of the shares to which EIS relief is or, but for section 224(2)(b), would be attributable, and

B is the sum of that amount and the corresponding amount or amounts on which the other individual or individuals obtain EIS relief in respect of such shares.