Section 233 — Income Tax Act 2007: Acquisition of share capital

Acquisition of share capital 233 1 Any EIS relief attributable to any shares in a company held by an individual is withdrawn if —

a the company comes to acquire all of the issued share capital of another company at any time in period A, and b the individual is a person, or one of a group of persons, to whom subsection (2) applies.

2 This subsection applies to any person or group of persons who—

a control or have, at any time in period A, controlled the company, and b is or are a person or group of persons who, at any such time, controlled the other company.

3 In determining whether any EIS relief attributable to any shares in the issuing company held by an individual who—

a is a director of, or of a company which is a partner of, the issuing company or any qualifying subsidiary, and b is in receipt of, or entitled to receive, remuneration as such a director falling within section 169(2), is to be withdrawn, the reference in subsection (2)(b) to any time in period A is to be read as a reference to any time before the end of period A.

4 Section 167(3) applies for the purposes of subsection (3) as it applies for the purposes of section 168, and in subsection (3) “ remuneration ” includes any benefit or facility.