SCHEDULES
SCHEDULE 5Venture capital trusts: further amendments
The 70% qualifying holdings condition
I13
In consequence of the amendment made by paragraph 2, in each of the following provisions of ITA 2007, for “70%”, where it appears before “qualifying”, substitute “80%”—
a
in section 274, subsection (3)(c), (d) and (e);
b
in section 275 (alternative requirements for the giving of approval), subsection (3)(b);
c
in section 278 (conditions relating to value of investments: general), subsection (1);
d
in section 280 (conditions relating to qualifying holdings and eligible shares), subsection (2);
e
in section 280A (the 70% qualifying holdings condition: disposal of holding), in the heading and in subsection (2);
f
in Schedule 4 (index of defined expressions), the entry for the qualifying holdings condition.