½Û×ÓÊÓƵ

Value received—calculation of the reduction or withdrawal of SEIS relief

Where during period A the investor receives any value from the company relating to the relevant shares, any SEIS relief attributable to the shares must be reduced or withdrawn.

Any SEIS relief attributable to the shares must¹:

1. Ìý

   •ÌýÌýÌýÌý be reduced according to the formula below if it is greater than the amount given by that formula, and

2. Ìý

   •ÌýÌýÌýÌý in any other case, be withdrawn

R × SEISR²

R is the amount or value of the consideration received by the investor for the shares, and

SEISR is the SEIS rate (see E3.801).

This means that the amount of relief to be withdrawn, is the lower of³:

1. Ìý

   •ÌýÌýÌýÌý the amount of relief attributable to the shares

2. Ìý

   •ÌýÌýÌýÌý a sum equal to tax at the SEIS rate on the amount or value received by the investor for the shares

If SEIS relief attributable to the shares