Part III EIS Deferral of Chargeable Gains
Finance Act 1998 (1998 c 36) | Legislation

Part III EIS Deferral of Chargeable Gains

Preliminary

26

Schedule 5B to the Taxation of Chargeable Gains Act 1992 (enterprise investment scheme: re-investment) shall be amended in accordance with the following provisions of this Part.

Application of Schedule

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(1)     In sub-paragraph (1)(b) of paragraph 1, after the words “in accordance with†there shall be inserted the words “section 164F or 164FA,â€.

(2)     For sub-paragraphs (2) and (3) of that paragraph there shall be substituted the following sub-paragraphs—

“(2)     The investor makes a qualifying investment for the purposes of this Schedule if—

(a)     eligible shares in a company for which he has subscribed wholly in cash are issued to him at a qualifying time and, where that time is before the accrual time, the shares are still held by the investor at the accrual time,

(b)     the company is a qualifying company in relation to the shares,

(c)     at the time when they are issued the shares are fully paid up (disregarding for this purpose any undertaking to pay cash to the company at a future date),

(d)     the shares are subscribed for, and issued, for bona fide commercial purposes and not as part of arrangements

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