Finance Act 2018

Qualifying holdings: exclusionsU.K.

8(1)Part 8 of Schedule 2 to ITA 2007 (transitional provision: venture capital trusts) is amended as follows.U.K.

(2)In paragraph 69 (the no guaranteed loan requirement), after “acquired” insert “ before 6 April 2018 ”.

(3)In paragraph 70 (the proportion of eligible shares requirement), in sub-paragraph (2), after “acquired” insert “ before 6 April 2018 ”.

(4)In paragraph 81 (meaning of “excluded activities”), after “acquired” insert “ before 6 April 2018 ”.

Commencement Information

I1Sch. 5 para. 8 in force at 6.4.2018 for the purposes of the amendments made by that paragraph by S.I. 2018/931, reg. 4(e)

9U.K.In Part 1 of Schedule 16 to FA 2007 (venture capital trusts: limit on number of employees in company in which investment made), in paragraph 3(6)(b), after “(“the investing company”)” insert “ before 6 April 2018 ”.

Commencement Information

I2Sch. 5 para. 9 in force at 6.4.2018 for the purposes of the amendments made by that paragraph by S.I. 2018/931, reg. 4(e)

10U.K.In Schedule 11 to FA 2008 (venture capital trusts), in paragraph 12(b), after “(“the investing company”)” insert “ before 6 April 2018 ”.

Commencement Information

I3Sch. 5 para. 10 in force at 6.4.2018 for the purposes of the amendments made by that paragraph by S.I. 2018/931, reg. 4(e)

11(1)In Schedule 2 to F(No.3)A 2010 (venture capital trusts), in paragraph 6(2)(b), after “the investing company” insert “ before 6 April 2018 ”.U.K.

(2)The 30% eligible shares condition does not apply in relation to an accounting period ending on or after 6 April 2018.

(3)In sub-paragraph (2) “the 30% eligible shares condition” means the condition referred to as such in section 274(2) of ITA 2007 as originally enacted.

Commencement Information

I4Sch. 5 para. 11 in force at 6.4.2018 for the purposes of the amendments made by that paragraph by S.I. 2018/931, reg. 4(e)