http://www.legislation.gov.uk/ukpga/2007/3/section/257FEIncome Tax Act 2007An Act to restate, with minor changes, certain enactments relating to income tax; and for connected purposes.texttext/xmlenStatute Law Database2026-08-13Expert Participation2026-07-15 Income Tax Act 2007s. 788(7)Legal Services Act 2007Sch. 21 para. 161(b)s. 29 192 193s. 211(2)art. 2(h) PART 5ACHAPTER 6257FE1This section applies if the investor receives any value from the issuing company at any time in period A relating to the relevant shares.2Any SEIS relief attributable to the shares must—aif it is greater than the amount given by the formula set out below, be reduced by that amount, andbin any other case, be withdrawn.The formula is— R × SEISRwhere—R is the amount of the value received by the investor, andSEISR is the SEIS rate.3This section is subject to the following sections—asection 257FF (value received: receipts of insignificant value),bsection 257FJ (value received where there is more than one issue of shares),csection 257FK (value received where part of share issue treated as made in previous tax year),dsection 257FL (cases where maximum SEIS relief not obtained),esection 257FM (receipts of value by and from connected persons etc), andfsection 257FN (receipt of replacement value).Sections 257FJ to 257FL are to be applied in the order in which they appear in this Part.4Value received is to be ignored, for the purposes of this section, to the extent to which SEIS relief attributable to the shares has already been withdrawn or reduced on its account.5For the purposes of this section and sections 257FF to 257FO, an individual who acquires any relevant shares on such a transfer as is mentioned in section 257H (spouses or civil partners) is treated as the investor.Pt. 5A applied by Taxation of Chargeable Gains Act 1992 (c. 12), Sch. 5BB para. 8(4) (as inserted (17.7.2012) by Finance Act 2012 (c. 14), Sch. 6 para. 5)Pt. 5A inserted (17.7.2012) (with effect in accordance with Sch. 6 para. 24(1) of the amending Act) by Finance Act 2012 (c. 14), Sch. 6 para. 1S. 257FE excluded (20.5.2020) by Finance Act 2020 (c. 14), s. 110(1)(3)