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(1)Where a controlling equity stake fund has a 25% interest in a trading company or the holding company of a trading group—
(a)any investment made for the purposes of the controlling equity stake fund in the company after the time the 25% interest was acquired is to be regarded as having been made at that time, and
(b)any disposal for the purposes of the controlling equity stake fund of an investment in the company after that time is to be regarded as not being made until a relevant disposal is made.
(2)In subsection (1)(b), “relevant disposal”, in relation to a company, means a disposal which (apart from subsection (1)) has the effect that the controlling equity stake fund ceases to have a 25% interest in the company.
(3)In this Chapter, “controlling equity stake fund” means an investment scheme—
(a)which is not a venture capital fund or significant equity stake fund, and
(b)in relation to which the condition in subsection (4) is met.
(4)The condition is that when the scheme starts to invest it is reasonable to suppose that, over the investing life of the scheme—
(a)more than 50% of the total value invested for the purposes of the scheme will be invested in investments which are controlling interests in trading companies or holding companies of trading groups, and
(b)more than 50% of the total value invested for the purposes of the scheme will be invested in investments which are held for 40 months or more.
(5)In determining whether subsection (4)(b) is met in relation to an investment scheme, apply the rule in subsection (1) to the scheme.
(6)For the purposes of this section, in determining whether a controlling equity stake fund has a controlling interest or an interest of a particular percentage in a company, any share capital of the company which is held for the purposes of an associated investment scheme is to be regarded as held for the purposes of the controlling equity stake fund.]
Textual Amendments
F1Pt. 13 Ch. 5F inserted (with effect in accordance with s. 37(4) of the amending Act) by Finance Act 2016 (c. 24), s. 37(2)
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