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Note that this scheme closed to new investment from 6 April 2023 onwards.

Whilst the basic principle involved the investor receiving value from the SE, this is widened to include value received indirectly, or value treated according to the investor's order, or used to the investor's benefit. It is also widened to include value received by an associate of the investor (see E3.902) and value given by a person connected¹ with the SE at any time in the longer applicable period (whether or not that person is connected with the SE at the time of giving value)².

The circumstances in which value is received, and the amount of that value, are as follows³.

1. Ìý

   (a)ÌýÌýÌýÌý The SE repays, redeems or re-purchases investments belonging to the investor, or pays the investor for giving up rights in the investment on its cancellation. The amount of value is the amount received by the investor or, if greater, the market value of the investments.

2. Ìý

   (b)ÌýÌýÌýÌý The SE repays a debt to the investor