(1)This section applies, subject to section 267 (spouses or civil partners), if an individual—
(a)obtains VCT relief in respect of eligible shares in a VCT, and
(b)makes a disposal of those shares within 5 years of their issue to the individual.
(2)In the case of a disposal that is made otherwise than by way of a bargain made at arm's length, any VCT relief obtained by reference to the shares which are disposed of is to be withdrawn.
(3)In the case of a disposal that is made by way of a bargain made at arm's length, any VCT relief obtained by reference to the shares disposed of must—
(a)if it is greater than A, be reduced by A, and
(b)in any other case, be withdrawn.
(4)A is 30% of the amount or value of the consideration which the individual receives for the shares.
(5)The rules in subsections (6) and (7) are for determining which eligible shares of any class are treated as disposed of for the purposes of—
(a)this section, and
(b)section 267,
if a person disposes of some but not all of the eligible shares of that class which the person holds in a company.
(6)Shares acquired on an earlier day are treated as disposed of before shares acquired on a later day.
(7)Shares acquired on the same day are treated as disposed of in the following order—
(a)shares by reference to which VCT relief has not been obtained, and
(b)shares by reference to which VCT relief has been obtained.