SCHEDULES
SCHEDULE 7Enterprise investment scheme
PART 1Enterprise investment scheme
Commencement and transitional provision
22
1
The amendments made by paragraphs 2 to 6, 7(1) and (3), 8, 9, 10 and 19 have effect in relation to shares issued on or after 6 April 2012.
2
But—
a
for the purposes of paragraphs 5, 9 and 19 it does not matter whether the disqualifying arrangements were entered into before or on or after 6 April 2012, and
b
nothing in sub-paragraph (1) prevents shares issued before that date constituting a “relevant investment” (by virtue of the amendment made by paragraph 7(3)(b) of this Schedule) for the purposes of determining whether the requirement of section 173A(1) of ITA 2007 is met in relation to shares issued on or after that date.
23
1
The amendments made by paragraphs 7(2), 11 and 12 come into force on such day as the Treasury may by order appoint.
2
Those amendments have effect in relation to shares issued on or after 6 April 2012.
24
1
Subject to sub-paragraph (2), the amendments made by paragraphs 13 to 15 have effect in relation to shares issued on or after 23 March 2011.
2
Those amendments do not have effect in relation to shares issued before 6 April 2012 if the issuing company, or a qualifying 90% subsidiary of that company, first began to carry on activities of the kind mentioned in section 192(1)(ka) of ITA 2007 before that day.
3
Until such time as section 1 of the Co-operative and Community Benefit Societies and Credit Unions Act 2010 comes into force, section 198A(6) of ITA 2007 (inserted by paragraph 12 of this Schedule) has effect as if for paragraphs (b) and (c) there were substituted—
b
a society registered under the Industrial and Provident Societies Act 1965,
25
1
The amendment made by paragraphs 18 and 21 are to be treated as having come into force on 6 April 2012.