Section 226 — Income Tax Act 2007: Amount of repayments etc where there is more than one issue of shares

Amount of repayments etc where there is more than one issue of shares 226 1 This section applies if, in relation to the same repayment, section 224(2) applies to EIS relief attributable to two or more issues of shares.

2 Section 224(2) has effect in relation to the shares included in each of those issues as if the amount referred to as “ R ” were reduced by multiplying it by the fraction— A B where— A is the amount on which EIS relief was obtained by the individuals in respect of shares which are included in the issue and 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 in respect of the other issue or issues.