CITM7140 - Withdrawal of Relief: Receipt of value by and from connected persons

FA02/SCH16/PARA39; FA02/SCH16/PARA51(3); ITA/s370

Throughout those CITR rules that relate to receipt of value (FA02/SCH16/PARA31-38 & ITA363 -370) references to ‘investor’ and ‘‘CDFI’ are interpreted as including any person connected with the investor or CDFI at any time during the period of restriction (the 6 year period) of the investment (see CITM7090), whether or not the connection still exists at the time value is received.

The question of whether or not a person is connected with the investor or CDFI is interpreted in accordance with ITA/s993.