SCHEDULES

SCHEDULE 15 ENTERPRISE INVESTMENT SCHEME: AMENDMENTS

Part 3 MISCELLANEOUS AND GENERAL

40Commencement

1

Except where provision is made to the contrary, the amendments made by this Schedule have effect in accordance with the following provisions of this paragraph.

2

The amendments made by paragraphs F1... 26 to 29 and 37 have effect—

a

in relation to shares issued on or after 7th March 2001, and

b

in respect of the application of F1... Schedule 5B to the Taxation of Chargeable Gains Act 1992 (c. 12) on or after 7th March 2001 in relation to shares—

i

that were issued after 31st December 1993 but before 7th March 2001, and

ii

to which income tax relief or deferral relief was attributable immediately before 7th March 2001.

3

The amendments made by paragraphs F2... 30 to 34 and 36 have effect—

a

in relation to shares issued on or after 7th March 2001, and

b

in relation to shares issued before that date, in respect of the application of the provisions mentioned in sub-paragraph (2)(b) in relation to—

i

value received (within the meaning of F2... paragraph 13 of Schedule 5B to the Taxation of Chargeable Gains Act 1992), and

ii

repayments made,

on or after that date.

4

For the purposes of this paragraph—

  • “deferral relief” has the same meaning as in Schedule 5B to the Taxation of Chargeable Gains Act 1992 (c. 12) (enterprise investment scheme: reinvestment);

  • “income tax relief” means relief under Chapter 3 of Part 7 of the Taxes Act 1988 (enterprise investment scheme); and

  • “repayment” means a repayment, redemption, repurchase or payment mentioned in section 303(1) of the Taxes Act 1988 or paragraph 14(1) of Schedule 5B to the Taxation of Chargeable Gains Act 1992.