(This note is not part of the Order)
This Order appoints19th July 2012 as the day on which amendments made by paragraphs 6(2), 8 and 9 of Schedule 8 to the Finance Act 2012 come into force. Those amendments have effect in relation to shares and securities issued on or after 6th April 2012 (see paragraph 20(2) of Schedule 8). Paragraphs 6(2), 8 and 9 raise the thresholds for eligible companies under the Venture Capital Trust scheme (one of the legislative schemes of tax relief known collectively as Venture Capital Schemes), by amending the relevant provisions of Part 6 of the Income Tax Act 2007 (c.3).
In line with government commitments, a Tax Information and Impact Note (TIIN) has not been prepared for this instrument as it gives effect to previously announced policy and it is an appointed day order. A TIIN covering paragraphs 6(2), 8 and 9 was published on 21st March 2012 alongside the Budget and is available on the HMRC website at http://www.hmrc.gov.uk/budget2012/tiin-0606.htm. It remains an accurate summary of the impacts that apply to those paragraphs.