Subject to section 311(3), the relief shall not be given in respect of any amount subscribed by an individual for eligible shares issued to him by any company in any year of assessment unless the amount or total amount subscribed by him for the eligible shares issued to him by the company in that year is £500 or more.

No more than £40,000 may be deducted by way of relief under section 289 from the total income of an individual for a year of assessment.