BJS might argue (see TCGA 1992 Sch 5B para 3 (1)) that relief under s. 150C only defers liability until a later disposal of the shares. Mr Glucose’s response to that would be that he might have retained the shares until his death so that no gain would arise.

On this issue, the expert could give evidence from his experience of what proportion of clients claiming EIS relief do actually crystallise at a later stage the gain which they have held over.

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