Related Commentary  Related HMRC Manuals

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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