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£150k SEIS limit and withdrawn relief

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A client was issued with a SEIS certificate for investment he made. He used the certificate to claim SEIS relief. Later we noted that he has become a salaried director (CEO) of the same company 2 months before his investment. We amended his tax return to take out the SEIS relief which he promptly refunded to the Revenue.

Does this means that the Company SEIS investment limit is freed up by his shares not qualifying or once a SEIS certificate is issued the portion of the limit relating to the certificate is considered irrevocably utilised?

 

Thanks

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