Income Tax Act 2007 (c. 3)

[F1 PART 5A U.K. Seed enterprise investment scheme

Textual Amendments

F1 Pt. 5A inserted (17.7.2012) (with effect in accordance with Sch. 6 para. 24(1) of the amending Act) by Finance Act 2012 (c. 14), Sch. 6 para. 1

Modifications etc. (not altering text)

C1 Pt. 5A applied by Taxation of Chargeable Gains Act 1992 (c. 12), Sch. 5BB para. 8(4) (as inserted (17.7.2012) by Finance Act 2012 (c. 14), Sch. 6 para. 5)

CHAPTER 8 U.K. Supplementary and general

Interpretation U.K.

257HF Meaning of “new qualifying trade” U.K.

(1) For the purposes of this Part a qualifying trade carried on by the issuing company or a qualifying 90% subsidiary of that company (“the relevant company”) is a “new qualifying trade” if (and only if)—

(a) the trade does not begin to be carried on (whether by the relevant company or any other person) before the [F2 three] year pre-investment period, and

(b) at no time before the relevant company begins to carry on the trade was any other trade being carried on by the issuing company or by any company that was a 51% subsidiary of the issuing company at the time in question.

(2) In this section—

• “qualifying trade” has the same meaning as in Part 5 (see sections 189 and 192 to 200);

• [F3 “three year pre-investment period” means the period of 3 years ending immediately before the day on which the relevant shares are issued.]]

Textual Amendments

F2 Word in s. 257HF(1)(a) substituted (6.4.2023 in relation to shares issued on or after that date) by Finance Act 2023 (c. 30), s. 15(5)(a)(7)

F3 Words in s. 257HF(2) substituted (6.4.2023 in relation to shares issued on or after that date) by Finance Act 2023 (c. 30), s. 15(5)(b)(7)