Finance Act 2001 (c. 9)

SCHEDULES

SCHEDULE 15 Enterprise investment scheme: amendments

Part 2 Postponement of chargeable gain on reinvestment

Requirement as to the money raised

26 In paragraph 1 (eligibility for relief), in sub-paragraph (2) (qualifying investment)—

(a) for paragraph (g) substitute—

“(g) at least 80% of the money raised by the issue is employed wholly for the purpose of that activity not later than the time mentioned in section 289(3) of the Taxes Act, and

(h) all of the money so raised is employed wholly for that purpose not later than 12 months after that time,”;

and

(b) in the full-out words at the end for “condition in paragraph (g) above does” substitute “conditions in paragraphs (g) and (h) above do”.