(1) The relief to which an individual is entitled in respect of any shares in a company shall be reduced in accordance with subsection (2) if at any time in the compliance period -

(a) the company repays, redeems or purchases any of its share capital which belongs to any member other than -

(i) shares that belong to that individual, or

(ii) shares that belong to another individual whose relief on those shares has been reduced by virtue of section 508P(3),

or makes any payment to any such member for giving up such member's right to any of the company's share capital on its cancellation or extinguishment, or

(b) a company in the RICT group acquires any of the share capital in the qualifying company from any member other than -

(i) shares that belong to that individual, or