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Finance Act 2000
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- 2000 c. 17
- SCHEDULE 15
- Part III
- The “unquoted status" requirement
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Changes and effects yet to be applied to Schedule 15 Part III Crossheading The-unquoted-status-requirement:
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- Act applied (with modifications) by S.I. 2011/245 Sch. 6 Pt. 1
- Act modified by S.I. 2009/317 art. 3 Sch.
- Blanket amendment text amended by S.I. 2011/1043 art. 3 6
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- S.I. 2003/603 art. 2 commences (2002 c. 23)
- S.I. 2003/708 art. 2 commences (2001 c. 16)
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- S.I. 2003/1725 art. 2 commences (2002 c. 9)
- S.I. 2003/1900 art. 2 commences (2003 c. 21)
- S.I. 2003/2093 art. 2 commences (2002 c. 40)
- S.I. 2003/2622 art. 2 commences (2002 c. 23)
- S.I. 2003/3142 art. 2-4 commences (2002 c. 11 and 2003 c. 21)
- S.I. 2004/2066 art. 2 commences (2003 c. 39)
- S.I. 2004/3268 art. 2 commences (2004 c. 12)
- S.I. 2005/123 art. 2 commences (2004 c. 12)
- S.I. 2005/950 art. 2-4 commences (2003 c. 44)
- S.I. 2005/1126 art. 2 commences (2005 c. 11)
- S.I. 2005/1713 art. 2 commences (2003 c. 14)
- S.I. 2005/2122 art. 2 amendment to earlier commencing SI 2005/950 Sch. 2 para. 23
- S.I. 2007/2901 art. 2 commences (2006 c. 25)
- S.I. 2007/2902 art. 2 commences (2007 c. 11)
- S.I. 2008/1928 art. 2 commences (2008 c. 9)
- S.I. 2009/511 art. 2 commences (2008 c. 9)
- S.I. 2009/571 art. 2-5 commences (2008 c. 9)
- S.I. 2010/815 art. 2 commences (2009 c. 10)
- S.I. 2010/867 art. 2 commences (2009 c. 10)
- S.R. 2006/21 art. 2 commences (S.I. 2005/1455 (N.I.))
- S.R. 2006/22 art. 2-7 transitional provisions for effects of SR 2006/21
- S.R. 2006/63 art. 2 commences (S.I. 2004/1501 (N.I.))
- S.R. 2007/37 art. 2 commences (S.I. 2006/3337 (N.I.))
The “unquoted status" requirementE+W+S+N.I.
16(1)The unquoted status requirement is that, at the time the relevant shares are issued, none of the issuing company’s shares, debentures or other securities is (and there are no arrangements in existence for any of them to be)—E+W+S+N.I.
(a)listed on a recognised stock exchange,
(b)listed on a designated exchange in a country outside the United Kingdom, or
(c)dealt in outside the United Kingdom by such means as may be designated.
This is subject to sub-paragraph (3).
(2)The unquoted status requirement applies whether or not the company is resident in the United Kingdom.
(3)The unquoted status requirement is treated as not met if at the time the relevant shares are issued—
(a)arrangements are in existence for the issuing company to become a subsidiary of another company (“the new company”) by virtue of an exchange of shares, or shares and securities, in relation to which paragraph 83 (certain exchanges resulting in acquisition of share capital by new company) applies, and
(b)arrangements have been made with a view to any of the new company’s shares, debentures or other securities being listed or dealt in as mentioned in paragraph (a), (b) or (c) of sub-paragraph (1).
(4)For the purposes of sub-paragraph (1) “designated” means designated by an order (“a designation order”) made for the purposes of subsection (1B) of section 312 of the Taxes Act 1988 (definition of “unquoted company” for the purposes of EIS).
(5)Where the issuing company meets the unquoted status requirement when the relevant shares are issued, it shall not cease to meet it by virtue of—
(a)any designation order, or
(b)any order under section 841 of the Taxes Act 1988 (designation of exchange as “recognised stock exchange”),
made after that time.
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