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Finance Act 2018

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This is the original version (as it was originally enacted).

The minimum investment on further issue condition

6After section 280B of ITA 2007 insert—

280BAThe minimum investment on further issue condition

(1)A company breaches the minimum investment on further issue condition where—

(a)there has been an issue of ordinary share capital of the company (“the first issue”),

(b)a VCT approval of the company has taken effect on or before the day of the making of the first issue,

(c)a further issue (“the further issue”) of ordinary share capital of the company has been made since the making of the first issue, and

(d)the company does not, on or before the relevant deadline, invest at least 30% of the money raised by the further issue in shares or securities which when held by the company are comprised in the company’s qualifying holdings.

(2)The relevant deadline is the last day of the period of 12 months immediately following the end of the accounting period in which the further issue is made.

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