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Finance Act 2004

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This is the original version (as it was originally enacted).

13(1)In paragraph 1(2) (definition of qualifying investment)—

(a)in paragraph (a), omit “wholly in cash”,

(b)after that paragraph insert—

(aza)he subscribed for the shares (other than any of them which are bonus shares) wholly in cash,,

(c)in paragraph (c), for the words from “are fully” to “future date)” substitute “(other than any of them which are bonus shares) are fully paid up”,

(d)in paragraph (e), after “Act” insert “(read with section 289(1B) to (1E) of that Act)”,

(e)in paragraph (f), for “all the shares comprised in the issue” substitute “the shares (other than any of them which are bonus shares)”,

(f)for paragraph (g) substitute—

(g)at least 80 per cent. of the money raised by the issue of—

(i)the shares, and

(ii)all other eligible shares (if any) in the company of the same class which are issued on the same day,

is employed wholly for the purpose of that activity not later than the time mentioned in section 289(3) of the Taxes Act, and.

(2)After paragraph 1(4) of that paragraph insert—

(5)Shares are not fully paid up for the purposes of sub-paragraph (2)(c) above if there is any undertaking to pay cash to any person at a future date in respect of the acquisition of the shares..

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