Section 227 — Income Tax Act 2007: Single issue affecting more than one individual

Single issue affecting more than one individual 227 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— A B 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.