Finance Act 2006
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Change 1
SCHEDULE 14 Investment reliefs: venture capital schemes
Section 91 Part 1 Limits on gross assets of issuers of shares or securities Enterprise investment scheme 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Venture capital trusts 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Corporate venturing scheme 3 (1) In paragraph 22(1) and (2) of Schedule 15 to FA 2000 (corporate venturing scheme: limits on value of gross assets of share-issuing company or its group)— (a) in paragraph (a) (value must not exceed £15 million immediately before issue of relevant shares), for “£15 million” substitute “ £7 million ”, and (b) in paragraph (b) (value must not exceed £16 million immediately after issue of relevant shares), for “£16 million” substitute “ £8 million ”. (2) Sub-paragraph (1) has effect in relation to shares issued on or after 6th April 2006, subject to sub-paragraph (3). (3) Sub-paragraph (1) does not have effect in relation to shares issued on or after 6th April 2006 to a person who subscribed for them before 22nd March 2006. Part 2 Rate of relief for investments in venture capital trusts 4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Part 3 Enterprise investment scheme: maximum subscriptions and carry-back of relief 5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Part 4 Lengthening of periods applicable to venture capital trusts 7 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Part 5 Venture capital trusts: meaning of “investments” 8 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
SCHEDULE 14 Investment reliefs: venture capital schemes
Section 91 Part 1 Limits on gross assets of issuers of shares or securities Enterprise investment scheme 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Venture capital trusts 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Corporate venturing scheme 3 (1) In paragraph 22(1) and (2) of Schedule 15 to FA 2000 (corporate venturing scheme: limits on value of gross assets of share-issuing company or its group)— (a) in paragraph (a) (value must not exceed £15 million immediately before issue of relevant shares), for “£15 million” substitute “ £7 million ”, and (b) in paragraph (b) (value must not exceed £16 million immediately after issue of relevant shares), for “£16 million” substitute “ £8 million ”. (2) Sub-paragraph (1) has effect in relation to shares issued on or after 6th April 2006, subject to sub-paragraph (3). (3) Sub-paragraph (1) does not have effect in relation to shares issued on or after 6th April 2006 to a person who subscribed for them before 22nd March 2006. Part 2 Rate of relief for investments in venture capital trusts 4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Part 3 Enterprise investment scheme: maximum subscriptions and carry-back of relief 5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Part 4 Lengthening of periods applicable to venture capital trusts 7 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Part 5 Venture capital trusts: meaning of “investments” 8 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
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