SCHEDULES
SCHEDULE 2Transitionals and savings
Part 8Venture capital trusts
Conditions relating to value of investments
65
1
Sub-paragraph (2) applies if any question arises which—
a
would otherwise fall to be determined in accordance with section 278, and
b
is a question whether, in a case where a company (“company A”) holds investments in a company (“company B”) immediately before 6 April 2007, the 15% holding condition is met if there is an addition to the holding on or after that date.
2
Any such question is to be determined in accordance with—
a
section 842AA(11)(c) of ICTA, and
b
section 842(3) and (4) of that Act as applied by that provision,
until such time as company A ceases to hold investments in company B.
3
Except in a case to which sub-paragraph (2) applies, section 278(5) applies in relation to investments issued before 17 April 2002 with the following modifications—
a
the insertion after “reconstruction”, in the first place where it occurs, of “or amalgamation”, and
b
the omission of the words from “In this subsection” to the end.