90(1)This paragraph applies in relation to the meaning of “company”, “shares” and “research and development” in Part 6 (see section 332).U.K.
(2)If—
(a)a company holds investments of any description in an entity immediately before 6 April 2007, and
(b)the entity is a company for any purposes of the Part 6 provisions but not for the corresponding purposes of the ICTA provisions,
any question whether the entity is a company for those purposes of the Part 6 provisions is to be determined in accordance with the ICTA provisions until such time as the company ceases to hold investments of that description.
(3)If—
(a)a company holds investments of any description in an entity immediately before 6 April 2007, and
(b)the investments are shares for any purposes of either of the following—
(i)the Part 6 provisions, and
(ii)the ICTA provisions,
but not for the corresponding purposes of the other set of provisions,
any question whether the investments are shares for those purposes of the Part 6 provisions is to be determined in accordance with the ICTA provisions until such time as the company ceases to hold investments of that description.
(4)In sub-paragraphs (2) and (3)—
“the ICTA provisions” means section 842AA of ICTA (VCT approvals) and Schedule 28B to that Act (qualifying holdings),
“the Part 6 provisions” means Chapter 3 of Part 6 (VCT approvals) and Chapter 4 of that Part (qualifying holdings).
(5)For the purpose of determining whether any shares or securities are to be regarded as comprised in a company's qualifying holdings, section 332 applies in relation to shares issued before 6 April 2000 with the substitution for the definition of “research and development” of—
““research and development” means any activity which is intended to result in a patentable invention (within the meaning of the Patents Act 1977) or in a computer program.”