Income Tax Act 2007 section 223

Section 222: supplementary

Section 223 sets out the supplementary rules and limitations that apply to the replacement value provisions in section 222, including timing requirements and consequences where the replacement value arises from a share subscription.

• Replacement value already used to offset a prior receipt of value cannot be counted again under section 222
• Replacement value is disregarded if it falls outside strict timing windows — it must occur within period C, as soon as reasonably practicable, and no later than 60 days after any appeal determination
• Where the replacement value qualifies under section 222 and the event giving rise to it involves a share subscription by the investor or an associate, additional consequences follow
• If those share-subscription consequences apply, the subscriber loses eligibility for EIS relief on those shares and any other shares in the same issue