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20After section 303 insert—
(1)Any repayment shall be disregarded for the purposes of section 303(1) (repayments etc. which cause withdrawal or reduction of relief) if whichever is the greater of—
(a)the market value of the shares to which it relates (“the target shares”) immediately before the event occurs, and
(b)the amount received by the member in question,
is insignificant in relation to the market value of the remaining issued share capital of the company in question (or, as the case may be, subsidiary in question) immediately after the event occurs.
This is subject to subsection (4) below.
(2)For the purposes of this section “repayment” means a repayment, redemption, repurchase or payment mentioned in section 303(1) (repayments etc. which cause withdrawal or reduction of relief).
(3)For the purposes of subsection (1) above it shall be assumed that the target shares are cancelled at the time the repayment is made.
(4)Where an individual subscribes for eligible shares in a company, subsection (1) above does not apply to prevent section 303(1) having effect in relation to those shares if, at a relevant time, arrangements are in existence that provide—
(a)for a repayment by the company or any subsidiary of the company (whether or not it is such a subsidiary at the time the arrangements are made), or
(b)for anyone to be entitled to such a repayment,
at any time in the period of restriction relating to those shares.
(5)For the purposes of subsection (4) above “a relevant time” means any time in the period—
(a)beginning one year before the eligible shares were issued, and
(b)expiring at the end of the issue date.”.
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