SCHEDULES
SCHEDULE 15 The corporate venturing scheme
Part III The issuing company
The “individual-owners" requirement
18
1
The “individual-owners" requirement is that, throughout the qualification period relating to the relevant shares, at least 20% of the ordinary share capital of the issuing company is beneficially owned by one or more independent individuals.
2
For the purposes of sub-paragraph (1) “independent individual” means an individual who is not, at any time during that period when he holds ordinary shares in the issuing company—
a
a director or employee of—
i
the investing company, or
ii
any company connected with that company, or
b
a relative of such a director or employee.
For this purpose “relative” means F1spouse or civil partner, parent or remoter forebear or child or remoter issue.
3
Where part of the ordinary share capital of the issuing company forms part of the estate of a deceased person who immediately before his death—
a
was the beneficial owner of the shares in question, and
b
was an independent individual for the purposes of sub-paragraph (1),
the shares in question shall, by virtue of this sub-paragraph, continue to be treated as beneficially owned by an independent individual for the purposes of sub-paragraph (1) until such time as they cease to form part of the deceased’s estate.