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If an investor receives value, other than insignificant value, from the issuing company at any time in the period beginning one year before the date the shares were issued and ending immediately before the third anniversary of the issue date (the period of restriction), the qualifying and potentially qualifying shares are instead treated as excluded shares¹ (see C3.1320), and hence disqualified from relief. This ensures that the cash subscribed for the shares genuinely increases the funds available to the company and does not represent a recycling of the company's existing resources. These rules mirror the restriction that applies to shares issued under the enterprise Investment scheme (see E3.1110).

Any reference to an investor includes an associate of his and associate for this purpose has the meaning in CTA 2010, s 448 except that it does not include a brother or sister². Receipt of value from a company includes receipt from any person connected with the company, whether or not that person was so connected at the time of receipt of the value.