Relief, previously withdrawn because value had been received by the investor, may be restored where the company receives ‘replacement value’ from the investor.

A receipt of value from the company results in the shares ceasing to be eligible shares (see ¶565-750) or as being regarded as never having been eligible shares in the first place (see ¶569-600). Where this has happened and the company receives back replacement value from the investor of an amount equal to, or greater than, the original value received, that original value received is to be disregarded in determining whether the shares are eligible shares (TCGA 1992, Sch. 5B, para. 13B(1)).

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