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7(1)A relevant distribution of a venture capital trust shall not be regarded as income for any income tax purposes if the person beneficially entitled to it is a qualifying investor.
(2)For the purposes of this paragraph a person is a qualifying investor, in relation to any distribution, if he is an individual who has attained the age of eighteen years and is beneficially entitled to the distribution—
(a)as the person who himself holds the shares in respect of which the distribution is made, or
(b)as a person with such a beneficial entitlement to the shares as derives from their being held for him, or for his benefit, by a nominee of his.
(3)In this paragraph “relevant distribution”, in relation to a company which is a venture capital trust, means any distribution which—
(a)consists in a dividend (including a capital dividend) which is paid in respect of any ordinary shares in that company which—
(i)were acquired by the person to whom the distribution is made at a time when the company was such a trust,
[F1(ia)were so acquired for bona fide commercial purposes and not as part of a scheme or arrangement the main purpose of which, or one of the main purposes of which, is the avoidance of tax,] and
(ii)are not shares acquired in excess of the permitted maximum for any year of assessment;
and
(b)is not a dividend paid in respect of profits or gains arising or accruing in any accounting period ending at a time when the company was not such a trust.
Textual Amendments
F1Sch. 15B para. 7(3)(a)(ia) inserted (with effect in accordance with s. 70(2) of the amending Act) by Finance Act 1999 (c. 16), s. 70(1)
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