14In section 300 (value received from company)—
(a)for subsection (1) there is substituted—
“(1)Subsection (1A) below applies where an individual who subscribes for eligible shares in a company—
(a)has, before the issue of the shares but within the relevant period, received any value from the company, or
(b)after their issue but before the end of the relevant period, receives any such value.
(1A)Where any relief is attributable to those shares, then (unless the amount of the relief has already been reduced on account of the value received)—
(a)if it is greater than the amount mentioned in subsection (1B) below, it shall be reduced by that amount, and
(b)if paragraph (a) above does not apply, the relief shall be withdrawn.
(1B)The amount referred to in subsection (1A) above is an amount equal to tax at the lower rate for the year of assessment for which the relief was given on the amount of the value received; and section 299(4) above applies for the purposes of this subsection as it applies for the purposes of subsection (2) of that section.
(1C)References in subsection (1) above to the receipt of value from a company include references to the receipt of value from a 51 per cent. subsidiary of that company, whether it becomes such a subsidiary before or after the individual concerned receives any value from it; and other references to the company in this section and section 301 shall be read accordingly.
(1D)Notwithstanding anything in subsection (2) below, for the purposes of this section an individual is not to be treated as receiving value from a company by reason only of the payment to him, or any associate of his, of any remuneration for services rendered to the company as a director if the remuneration is reasonable remuneration.
(1E)Section 291(4) applies for the purposes of subsection (1D) above as it applies for the purposes of section 291A, and the reference in subsection (1D) above to the payment of remuneration includes the provision of any benefit or facility”, and
(b)in subsection (2)—
(i)in paragraph (c), for “291(3)(a) or (e)” there is substituted “291A(3)(a) or (f)”, and
(ii)in paragraph (h), for “section 291(3)(a), (b), (c), (d) or (e)” there is substituted “any of the paragraphs of section 291A(3)”.