Finance Act 2001

Requirement as to the money raised

6 In section 289 (eligibility for relief)—

(a) in subsection (1) (conditions of eligibility for income tax relief), for paragraph (c) (requirement that all of the money raised is employed for purposes of qualifying business activity within prescribed period) substitute—

“(c) at least 80% of the money raised by the issue mentioned in paragraph (b) above is employed wholly for the purpose of the activity mentioned in that paragraph not later than the time mentioned in subsection (3) below, and

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

(b) in subsection (3) for “condition in subsection (1)(c) above does” substitute “conditions in subsection (1)(c) and (d) above do”.