Related Commentary  

39(1)  Where–

(a)the investing company is eligible for investment relief in respect of an amount subscribed by it for an issue of shares, and

(b)it makes a claim under this Part,

the company’s liability for corporation tax for the accounting period in which the shares were issued shall be reduced by the appropriate amount.

39(2)  In sub-paragraph (1) “the appropriate amount”  means whichever is the smaller of–

(a)20% of the amount or aggregate amount–

(i)which was subscribed by the company for shares issued in that period, and

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