11EIS and SEIS: the no pre-arranged exits requirement
(1)ITA 2007 is amended as follows.
(2)In section 177 (EIS: the no pre-arranged exits requirement), for subsection (2) substitute—
“(2)The arrangements referred to in subsection (1)(a) do not include—
(a)any arrangements with a view to such an exchange of shares, or shares and securities, as is mentioned in section 247(1), or
(b)any arrangements with a view to any shares in the issuing company being exchanged for, or converted into, shares in that company of a different class.”
(3)In section 257CD (SEIS: the no pre-arranged exits requirement), for subsection (2) substitute—
“(2)The arrangements referred to in subsection (1)(a) do not include—
(a)any arrangements with a view to such an exchange of shares, or shares and securities, as is mentioned in section 257HB(1), or
(b)any arrangements with a view to any shares in the issuing company being exchanged for, or converted into, shares in that company of a different class.”
(4)The amendments made by this section have effect in relation to shares issued on or after 5 December 2016.