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July 2018 an investor subscribes 拢100,000 for 100,000 shares in an EIS company. Income Tax relief of 拢30,000 is given in 2018-19 as the EIS rate is 30%.

January 2020 the investor sells 25,000 shares for 拢10,000. Income Tax relief of 拢3,000 is withdrawn, (拢10,000 x 30%, the EIS original rate). Income Tax relief of 拢4,500 attributable to the shares sold is not withdrawn. The allowable loss is calculated as below.

Disposal proceeds 拢10,000

less cost 拢25,000

Reduced by Inocme Tax Relief 拢4,500 拢20,500

Allowable 拢(10,500)

*This is the EIS Income Tax relief not withdrawn which remains attributable to the 25,000 shares sold.