Explanatory Notes

Income Tax Act 2007

2007 CHAPTER 3

20 March 2007

Commentary on Sections

Part 5: Enterprise investment scheme

Overview

Chapter 6: Withdrawal or reduction of EIS relief
Overview
Section 212: Put options

682.This section deals with put options granted to the investor during period A relating to the relevant shares concerned. It is based on section 299(5), (5A) and (8) of ICTA.

683.The grant of the put option to the investor leads to the withdrawal of any EIS relief attributable to the shares to which the put option relates.